Former FATF President Marcus Pleyer Among Finalists to Lead EU's New Anti-Money Laundering Authority

Marcus Pleyer, former president of the Financial Action Task Force (FATF), has been named as one of the final three candidates vying to lead the European Union’s new Anti-Money Laundering Authority (AMLA), according to members of the European Parliament (MEPs).

Earlier today, AML Intelligence reported that the shortlist of candidates had been sent to members of two key parliamentary committees—the ECON and LIBE committees—which oversee finance and justice affairs.

Alongside Pleyer, candidates from the Netherlands and Italy have also made it to the final stage of the selection process for the chairmanship of AMLA. Pleyer, who spoke earlier at the ‘International Anti-Financial Crime Summit 2024’ in London, was widely regarded as one of the leading contenders for the position.

However, when Frankfurt was chosen as the headquarters for AMLA, many speculated that a French candidate might be selected for the chair to balance the geopolitics of the agency’s leadership. Sources in the European Parliament in Strasbourg indicated that there were initial concerns about appointing a German national, given the broader geopolitical considerations.

Despite these reservations, it is believed that officials in Brussels recognized Pleyer’s qualifications and determined it would be counterproductive to exclude him on these grounds.

Pleyer currently serves as deputy director general at Germany’s Federal Finance Ministry and has held supervisory roles at the Federal Financial Supervisory Authority (Bafin). He led the FATF between 2020 and 2022, a period marked by the global disruptions of the Covid-19 pandemic, during which his leadership gained international acclaim.

His extensive experience in anti-money laundering (AML) efforts, along with his capacity to lead large teams, sets him apart from other candidates. “Pleyer has been widely praised by the likes of Janet Yellen, the U.S. Secretary of the Treasury, for making the European concept of beneficial ownership a global standard,” an ECON committee member remarked today. “He is certainly a standout candidate for the role,” the MEP added.

MEPs are now expected to hold informal hearings with the shortlisted candidates before making their final decision. The chosen candidate will be responsible for establishing AMLA, which is scheduled to officially open its Frankfurt office in early 2025. The agency is expected to eventually employ over 400 staff as it takes on a pivotal role in European financial regulation.

By fLEXI tEAM