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The applying course of has not but opened, neither is there an official record of candidate cities, however Spain is assured the headquarters of the EU’s new anti-money laundering authority (AMLA) must be in Madrid.
“We imagine that Madrid deserves to host an institutional illustration of Europe,” stated Juan Manuel López Zafra, director common for the financial system of the Neighborhood of Madrid, throughout a casual presentation of Madrid’s candidacy in Brussels on Wednesday (Might 31).
Not one of the EU’s 35 decentralised businesses are positioned within the Spanish capital, regardless of the actual fact Spain has the fourth-largest financial system within the eurozone.
It does host three EU businesses outdoors Madrid, however none of them are associated to the financial or monetary discipline, Zafra stated.
The plan is for AMLA to have 150 employees in its first yr of operation and between 300 and 350 within the following two years, earlier than “in all probability” reaching 400, in line with a European Fee memo dated 10 Might and seen by EUobserver.
Madrid has already provided a 50-storey skyscraper as a part of its Brussels allure offensive, nevertheless it’s not alone in expressing its intention to use.
Paris, Frankfurt, Luxembourg, Vienna, Riga, and Vilnius are additionally competing for the company.
However the allocation will take into consideration the geographical distribution of present European businesses, which might make the primary three much less viable.
Eire might be making use of too, however has not specified whether or not the candidate metropolis might be its capital, which already hosts Eurofound, or one other metropolis.
The Hague was initially within the working, however later withdrew its curiosity because of fierce competitors from different EU members.
In the meantime, for Spain, not having one other company or authority of this kind (as is the case in Paris and Frankfurt) is seen as an asset.
“We might be organising a watchdog and to some extent it’s good to have it separate from the large monetary centres,” stated Carlos Cuerpo, the secretary common of the Spanish Treasury, throughout a press convention held earlier than the presentation in Brussels on Wednesday.
The “high quality of the nationwide AML framework” was additionally listed within the EU Fee’s AMLA standards.
And Spain’s is within the prime two within the EU in line with the Monetary Motion Activity Drive (FATF), an intergovernmental physique in Paris, whereas Austria and Luxembourg have decrease rankings.
AMLA’s exact job description continues to be being labored out by the European Parliament, EU Fee, and the member states.
But it surely has already been prompt it should give attention to regulation and supervision of the monetary sector, as coordinating the monetary intelligence models of all 27 EU states.
And in that sense, AMLA’s institutional design already matched the one in Spain, in line with FATF’s glittering description.
Minor AMLA-location standards embrace: proximity to airports and resorts, digital infrastructure, availability of multilingual faculties for workers youngsters and job alternatives for his or her companions.
And with these in thoughts, Madrid has already considered a location: the Glass Tower, a 250-metre excessive, 50-storey skyscraper within the coronary heart of the Spanish capital’s monetary centre, whose capability may very well be as much as 450 folks.
The headquarters could be prepared to be used “as quickly as doable”, stated Madrid metropolis councillor Saura.
And if chosen, the hire would even be paid for by Madrid Metropolis Council.
However because the race heats up, there isn’t a specific authorized foundation within the EU’s authorized treaties for arrange an EU company.
Initially, they have been created by Council laws, however for the reason that 2000s, businesses have been arrange by the EU parliament and the Council, in areas the place parliament has powers as co-legislator.
The applying course of will open any day now.
It’s going to finish within the coming months earlier than the European elections (June 2024), which may overlap with the Spanish EU presidency.
However Madrid’s Cuerpo did not see any threat of battle of curiosity.
“The choice course of will go forward irrespectively of who holds the [EU]presidency, and we might be very respectful of our personal position”, he stated.
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