Money laundering and financing of terrorism is a serious threat to the integrity of the European Union’s economy and financial system and to the security of its citizens.
In July 2021, the European Commission published a draft for a European regulation aiming to create a new European authority, the Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA).
The AMLA will be responsible for fighting money laundering and the financing of terrorism. It will have supervisory and sanctioning powers and will ensure a harmonised implementation of the regulations applicable in this area.
The government has entrusted responsibility for the bid to Robert Ophèle, who has been Deputy Governor of the Banque de France, Chairman of the Autorité de contrôle prudentiel et de résolution and Chairman of the Autorité des marchés financiers. His extensive expertise in the French and international financial sector is a clear asset in supporting France's bid.
France plays a leading role in the fight against money laundering
©Augustin Lazaroiu - stock.adobe.com
Recognised efficiency
In May 2022, at the end of a process that lasted more than two years, the Financial Action Task Force (FATF) gave France an unprecedented rating, placing it in first place in terms of AML/CFT effectiveness, alongside the United Kingdom.
The French AML/CFT framework was described as ‘robust and sophisticated, with a high level of effectiveness in the investigation and prosecution of financing of terrorism, confiscation of criminal assets and international cooperation’.
France is also the FATF’s largest European budget contributor, with a voluntary contribution of 1 million euros per year in addition to its mandatory contribution.
It shows France’s commitment to giving this organisation the means to carry out its missions and achieve its ambitious objectives.
France intends to continue to strengthen the efficiency of its AML/CFT policy by producing a new national analysis, which is more in-depth and extended to new sectors.
France has also been a pioneer in AML/CFT regulation and supervision of digital assets service providers.
It could usefully place its expertise and experience at the service of the future European authority in this area, which presents major AML/CFT challenges for the future.
« France has long supported efforts to strengthen the European AML/CFT approach to remedy the lack of coordination and cooperation between the competent national authorities of the Member States. It has also done its utmost to obtain an agreement in the ECOFIN Council on the draft regulation creating the future European AML/CFT authority at the end of its Presidency of the EU Council in the first half of 2022. We will also be fully mobilised to offer the future authority the best possible financial conditions to facilitate its establishment in Paris. »
Taking the initiative
France is also very active in international networks in the field of AML/CFT. It has initiated several major events in recent years.
In 2018, the international conference «No money for terror» brought together 70 States and the heads of nearly 20 international and regional organisations and specialised agencies in Paris. The conference reaffirmed the collective commitment to the fight against terrorism. A commitment that took concrete form a year later with the adoption by the United Nations, at France’s initiative, of the first resolution dedicated to the fight against the financing of terrorism (2642).
In 2023, France holds the presidency of the Camden Asset Recovery Inter-Agency Network (CARIN), an asset recovery network that brings together 54 Member States (including 27 members of the European Union) and 9 international organisations worldwide.
In 2024, Paris will host the plenary session of the Egmont Group, a forum for exchanges between the financial intelligence units of 164 member countries.
Paris, a historical legitimacy
Founded on France’s initiative in July 1989 at the G7 Summit in Paris, the Financial Action Task Force (FATF), an intergovernmental body for combating money laundering and the financing of terrorism, has chosen to locate its secretariat at the OECD headquarters in Paris.
In 2019, the European Banking Authority (EBA), which is responsible for implementing a set of rules aimed at regulating and supervising the banking sector in all the countries of the European Union, has moved to La Défense, the business district of the Greater Paris metropolis. Until the creation of the AMLA, the EBA plays a major role in structuring the AML/CFT of the EU financial sector, in particular through its AML Standing Committee, set up in early 2020.
Paris has therefore long had an international eco-system dedicated to the fight against money laundering and the financing of terrorism (AML/CFT), within which the AMLA would find its full place. Functional and organisational synergies with these two institutions will promote its growth and increase its visibility.
An environment adapted to the requirements of a major European institution
©fazon - stock.adobe.com
Proven expertise in setting up European agencies
The AMLA will benefit from this longstanding French experience, which combines logistical, financial, administrative, land and human know-how.
AMLA staff will be able to work in synergy with the European Securities and Markets Authority (ESMA), already in Paris, as well as with the European Banking Authority (EBA), relocated to La Défense in 2019 following Brexit.
At each location, all governmental, independent and local authorities involved have shown great responsiveness and a very good capacity for organisation and coordination. The AMLA will benefit from this longstanding French experience, which combines logistical, financial, administrative, land and human know-how.
The Île-de-France region supports Paris' bid to host Amla.
Choose Paris Region is the regional agency for attractiveness and the onestop shop for international investments in Ile-de-France. Its governance brings together the public and private players who actively contribute to the attractiveness of the region.
Strongly experienced in assisting nearly 2,000 foreign investments each year, the agency will support the creation of this new European authority in the Paris Region by giving it the benefit of all its past experiences. In particular, it has successfully supported the relocation of the European Banking Authority from London to Paris in 2019.
It co-runs with Paris Ile-de-France Capitale Economique a network of international organisations based in the Paris Region to help create favorable conditions for their development.
"Paris region", an innovative and dynamic working environment at the centre of Europe
©Paris la Défense
Europe’s leading economic region
With 6 million highly qualified jobs and 1 million companies, Paris region accounts for 5.3% of the European Union’s GDP. It has a high density of technology companies and internationally renowned competitiveness clusters, which benefit from cutting-edge digital infrastructures (very high speed, cybersecurity, cloud, etc.).
Paris region is also the leading financial center in the EU (more than 362,000 professionals work in this sector) and the Paris stock exchange recently posted a higher market capitalisation than London. A location in Paris region therefore offers many job opportunities for the spouses of European agency staff.
A suitable setting for the AMLA and its staff
Three buildings have been proposed to accommodate the AMLA teams. They meet all the criteria for environmental performance, building safety and possible layouts.
The Cœur Défense tower at La Défense
The HEKLA tower at La Défense
The future Messager building in the heart of Paris
©Ekaterina Pokrovsky - stock.adobe.com
A wide range of low-carbon transport services
As the world's leading tourist destination, Paris is a central city with excellent rail links for occasional visitors who will be coming to AMLA meetings by TGV from Brussels and other European capitals (Belgium, Netherlands, Germany, Luxembourg and the UK).
In addition, the regional public transport network is one of the densest in Europe and is set to develop further with the roll-out of the Grand Paris Express.
The Paris air hub is the largest in continental Europe: most of Europe's major cities can be reached in less than 2 hours by air.
An exceptional living environment
©Sailorr - stock.adobe.com
Education, culture, leisure: unique assets
With 40 private international schools, 200 free public schools offering bilingual programs and a large network of children’s day care centers (including multilingual ones), the Paris region’s educational offer is dense and varied. In Paris, 35 schools have been awarded the Euroscol label, which makes openness to Europe a strategic lever for the success of all pupils.
Paris also has a European School offering English language education from nursery school to the European Baccalaureate with priority enrolment for children of European agency staff. In addition, several specialised structures offer preparation for the International Baccalaureate (IB).
The quality of French higher education is recognised worldwide: with over 365,000 foreign students, France continues to attract more and more foreign students.
In addition, many French universities now offer degrees and masters specialising in areas related to the fight against money laundering.
AMLA Staff would benefit from the annual conferences organised by supervisory Authorities, such as the ACPR’s Conference or the ACPR/AMF FinTech Forum, where hot topics regarding supervision and new developments in the FinTech environment are discussed with highly knowledgeable speakers, and each year, a dedicated round table or presentation focuses on AML-CFT issues, as well as from Trainings organised by the International Banking and Finance Institute of Banque de France, which organises multiple sessions for central banks and supervisors, including on AML-CFT topics.
The Paris region is an international hub that attracts people from all over the world to live, study, work and visit.
With 1.7 million foreigners, 120,000 foreign students in higher education and many companies operating on a global scale, the region offers a dynamic, enriching and multicultural environment.
An exceptional heritage
With 3,900 historic monuments, 320 cinemas, 297 theatres, 169 museums including the Louvre (the most visited museum in the world), 5 opera houses, 58 cultural centres and foreign institutes, Paris and its region offer a particularly rich cultural offering.
A renowned gastronomy
French gastronomy shines through in the region's 37,800 restaurants, including 134 Michelin-starred restaurants.
A rich and high-quality healthcare offer
Bilingual doctors and hospitals are easily accessible. With 37 hospitals and nearly 12,000 beds, the AP-HP (Assistance Publique-Hôpitaux de Paris) is the largest public hospital group in the Paris region.
The European Anti-Money Laundering Authority (AMLA) in Paris