Until now, national regulators have enforced European Union money laundering rules. But, from next year, it will have its own body with more than 400 employees tackling money laundering and terrorism financing. Frankfurt was chosen ahead of rivals Brussels, Dublin, Madrid, Paris, Riga, Rome, Vilnius and Vienna in series of votes at the European Council and European Parliament. Co-rapporteurs Emil Radev and Eva Maria Poptcheva say in a statement: "AMLA will be a game-changer in cracking down on dirty money in the EU. "It will supervise the riskiest financial entities, oversee the non-financial sector, and play a crucial role in stopping evaders from circumventing targeted financial sanctions." Mairead McGuinness, EC commissioner, financial services, financial stability and capital markets union, adds: "I think in the morning we have a task force ready to go to set up the framework to allow AMLA begin its job, as has been outlined by the Council. "Because we want and need to have trust in the financial system. We also want to root out the illegal activities that fund money laundering and allow it to prevail, crimes against society, families, children and women. So this is an important step for the European Union."