BREAKING NEWS

EU's new Anti-Money Laundering Authority is now official, seeks chair

The regulation that sets up the European Union's new agency to combat money laundering went into force on Wednesday, and the authority already has its first job posting: the position of chair.

Candidates have until July 8 to apply to head the Frankfurt-based agency that expects to employ about 430 people and is set to open next year.

Earlier this year, the EU named Frankfurt as the home of the Anti-Money Laundering Authority (AMLA). Previously the bloc lacked any pan-EU body to control dirty money.

"Money laundering and the financing of terrorism are major concerns for the EU. They pose major risks to the EU's economy and financial system, and to the security of its citizens," the job posting reads.