Assessing the perceived impact of the EU anti-money laundering authority : analysing stakeholder perspectives

Abstract

This dissertation sought to investigate stakeholders’ perspectives on the establishment of the European Union’s Authority for Anti-Money Laundering (EU AMLA). The establishment of this Authority is part of a legislative package designed to address the fragmentation found in the current anti-money laundering and counter-financing of terrorism (AML/CFT) framework. The research question explores key stakeholders’ views on AMLA’s mandate, its potential for success, and overall structure. A qualitative methodology, based on semi-structured interviews, was selected to gather concise rich, nuanced and detailed information necessary for a thorough analysis of stakeholders’ perceptions and perspectives. The study’s key findings reveal that while participating stakeholders generally supported the setting up of AMLA and held positive and favourable expectations, their judgements were clouded by various implementation challenges. Although the establishment of AMLA marks a significant institutional novelty, its success as a central authority depends on its capacity to build a comprehensive front, mediate disputes, and foster strong relationships with national supervisory authorities and FIUs. This study sought to help various stakeholders, including the Financial Intelligence Analysis Unit, Malta Financial Services Authority, and other local professionals acquire a better understanding of the advantages and disadvantages of AMLA’s pre-implementation phase. These findings offer in-depth insight into the conditions necessary to successfully function as the EU’s central AML authority.