Brussels: Europe and the Arabs The European Commission in Brussels, through Commissioner Mairead McGuinness, in charge of financial services files and the Capital Markets Union, said at the press conference about choosing Frankfurt, Germany, to be the headquarters of the Anti-Money Laundering and Terrorist Financing Authority (AMLA). She added through a statement distributed in Brussels last night that it is good news that we have an agreement regarding the headquarters of the new Anti-Money Laundering Authority. I congratulate Frankfurt, but also those who allowed this process to take place, namely the European Council and the European Parliament, and of course in particular in light of the court’s decision. So we had a process, we held very robust hearings publicly in Parliament. And I think tonight we celebrate and celebrate the importance of that, but also the beginning of another journey in terms of addressing money laundering and terrorist financing. And I believe that in the morning we have a working group ready to start putting in place the framework that will allow AMLA to begin its work, as the Council has made clear. Because we want and need confidence in the financial system. We also want to eradicate illegal activities that finance money laundering and allow it to spread, and crimes against society, families, children and women. So this is an important step for the European Union. I want to make a few points about how important it is. First of all, the Institutional Revolution – a new body based in Frankfurt. But it will have two main areas of work. Supervision: Because the Authority will be at the heart of our supervision system. This will help our national supervisory authorities to support each other and work together. We will have more consistent supervision across the European Union. The Authority will also undertake some of its own direct supervision of the most risk-exposed financial sector entities operating across member states. It will be able to assume supervision of any entity where circumstances require it. The second point is that the authority will work closely with the financial intelligence units of member states. This includes enabling collaboration, information sharing and joint analyzes of suspicious transactions. Besides institutional change, we also have organizational changes. It is really important that we now have a single set of rules applying to the private sector across the single market. So, no matter where companies are located across the union, they will be subject to the same rules. Now, this does not mean a one-size-fits-all approach, but a risk-based approach. This coherence will be strengthened through the institutional changes we are making. Supervisors and financial intelligence units will work more closely together, facilitated by the new body, and implement rules consistently across the single market. So this is a wide range of reforms. The rules will include new categories of companies, such as football clubs, and I think that was very important for Parliament. We are working to mitigate the risks associated with large sums of money, with an EU-wide cap of €10,000 for cash payments. At the same time, we are addressing the risks posed by encryption and the anonymity it enables. There will be a new system for accessing beneficial ownership records, which It responds to the ruling of the Court of Justice, while maintaining access to civil society and journalists, which was of course essential to detect cases of money laundering. All of these rules will also be able to adapt to risks as they evolve We have received many wake-up calls in recent years when it comes to dirty money being laundered through the mainstream of the financial system. So, tonight, we are answering those calls and taking the necessary action. The Commission is committed to this action to implement our agreement. I know that Parliament and Member States are equally committed. I am also counting on the support of the financial sector, financial intelligence units and national supervisors. As I say, the Commission will now accelerate the work On establishing the body. We'll actually start this, hiring staff. We are confident that the Authority will be operational – if not completely, then significantly – in 2025. Finally, I would like to join in appreciating the many chairs that have helped us get to this point - our Swedish, Spanish and now Belgian hosts this evening. And in particular to the rapporteurs here, the shadow rapporteurs, the teams. And a shout out, if I may, to the Chair of the Economics Committee, Irene Tinagli. , which has received widespread applause, and rightly so, for its handling of these negotiations. It was an honor to see this package proposed, and now we have an agreement. And I hope that in time we will look back and see the importance of getting our house in order by putting in place really strong rules. Any new authority. Now we just have to implement it.