The Netherlands To House an EU-based Anti-Money Laundering Agency in the Hague

The Netherlands is aiming to create a new anti-money laundering agency with the principles of the European Union in the Hague as a measure against illicit activities and compliance with international regulations.

The Hague is looking to accommodate another new anti-money laundering agency with all the laws and guidelines of the European Union. The new AMLA (Anti-Money Laundering Authority) aims to battle crimes, specifically money laundering and terrorist financing from various organizations. The initiation of the office can also generate a healthy income for the city with an estimated amount of ​​25 – 30 million euros per year, according to the Omroep West.

The exact date of initiation of the agency is not specified yet, but it is predicted to be performing in 2023 with fully operational procedures by 2026 that will be able to accommodate between 200 to 600 entities. The official location of the agency’s headquarters is also not yet recognized, also no European country has been formally applied for the purpose up till now. But the cabinet of the Netherlands favors the royal capital of the country, The Hague to house the new Anti-money Laundering agency. 

According to the statement from the Hague city council, as per news from Omroep West, the Hague is working on creating a strong status internationally to work in regulating laws. He stated: “In order to remain relevant as a beacon of peace and justice in the future, The Hague is actively working on deepening, broadening, and renewing this profile. This is done, among other things, by attracting new organizations that suit the city,”.

Regarding the sustainability and economic growth of the city, The municipal executive of the Hague also believes that the European organizations can assist in providing opportunities to the students in the town such as internships and other employment. On the housing of the new employees, the city council suggested the settlement in the surrounding areas.

The report from the Omroep West also mentioned that Germany, France, Austria, and Italy can also apply to host the new agency. The decision is completely in hands of the European Commission.

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