UK businesses urged to work with new EU anti-money laundering authority

The European Commission will launch the Anti-Money Laundering Authority (AMLA) as part of a raft of measures contained in its action plan, set to be revealed this month.

The AMLA is a dedicated agency working independently of member states’ national authorities, giving it greater power to identify and act upon significant money laundering threats.

It will also have new powers to fine businesses in breach of regulations up to ten per cent of turnover, and it will be looking at risks from non-EU countries such as the UK.

John Dobson, CEO at SmartSearch, said: “The formation of a dedicated resource to tackle the growing problem of money laundering, primarily through sectors such as the property market, is a positive step by the EU.

“Since the outbreak of the global pandemic we’ve seen organised criminal gangs in the UK taking advantage by exploiting loopholes in AML processes and using increasingly more sophisticated forged ID documents to get their dirty money through the laundering process.

“Of course, this is a global issue so it’s vital that the UK coordinates its response with the EU and other nations, as organised crime gangs won’t be concerned about political borders.

“Obviously as we are no longer part of the EU, this new authority will have no jurisdiction in the UK, but in order to be able to fight the threat of money laundering here in the UK most effectively, it’s vital that we coordinate and cooperate with the AMLA, otherwise risk getting left behind.”