[6] In February 2018, the demise of ABLV Bank triggered a debate on the structure of Anti-Money Laundering (AML) supervision in the European Union.
A few weeks later, ECB Supervisory Board chair Danièle Nouy declared that it is “very embarrassing to depend on the United States to do the [AML] job.
[7]: 2 In October 2018, the think-tank Bruegel published a study recommending the creation of a European AML Authority and providing a blueprint for its key features.
[7] The European Commission first proposed AMLA in July 2021 after a series of financial scandals further exposed significant flaws in AML supervision.
[8] Described as a "game-changer in cracking down on dirty money in the EU," AMLA is intended to curb illicit financial flows while improving coordination between governmental intelligence authorities within the bloc.