AMLA: A New Step in Cross-Border Financial Crime Fighting

The European Union’s Anti-Money Laundering Authority (AMLA) officially began operations in July 2024, and by September, Latvia’s Financial Intelligence Unit (FIU) expert Anna Jonikāne had joined as one of the first member-state delegates. The agency now has around 130 staff and is rapidly expanding.

AMLA’s tasks are divided into two pillars: supervision and cooperation among FIUs. Delegates from each member state work on the latter, focusing on joint operational analyses in cross-border cases, supporting other FIUs, and overseeing the secure information exchange system FIU.net. AMLA also mediates disputes between national FIUs.

Money laundering is often cross-border, so efficient cooperation is crucial. Slow or incomplete information exchange can stall investigations. AMLA aims to accelerate this by standardizing request forms and suspicious transaction reports.

Latvia brings valuable experience. After its financial sector reform and avoiding the FATF grey list, Latvia gained international recognition. Moneyval noted progress, including the seizure of over €3 billion in assets linked to bank liquidations. Latvia’s public-private partnership model (the cooperation coordination group) has also become a benchmark for other countries.

In AMLA’s initial phase, delegates are mainly developing procedures and infrastructure. In the future, they will directly participate in joint analyses, providing rapid access to their countries’ data. Latvia’s delegate emphasizes that this involvement allows active shaping of a unified European approach based on real-world experience.