EU's AMLA in Vilnius would be strong sign of trust in Lithuania

VILNIUS - Lithuania is partaking in the selection process for the home of the European Union's new authority to counter money laundering and the financing of terrorism (AMLA) and says Vilnius has all the advantages for the new authority to be established in Vilnius, Finance Minister Gintare Skaiste says.

"The establishment of the AMLA in Vilnius would send a significant signal in the current geopolitical reality and would be a strong sign of confidence in Lithuania, symbolizing an even deeper integration into the EU's key structures," she said in a statement.

Lithuania's biggest advantage is its competent professionals, dynamic financial sector ecosystem and high quality of life in Vilnius, which is why Lithuania is determined to win this race, the finance minister said.

She told EU ambassadors, economic officials, EC and EP representatives at an event in Vilnius that she was confident that they would help spread Lithuania's message in European capitals.

The decision on where the AMLA will be located and the specific mandate it will have is expected to be made by the end of the year, and the new institution will launch operations in the first half of next year. The agency could eventually employ around 400 professionals. 

The AMLA will be the main body to ensure a unified framework for the prevention of money laundering and terrorist financing in the EU financial sector and to coordinate action with member states' national supervisory authorities.