(Bloomberg) -- The European Union is taking steps to create a new authority aimed at countering money laundering and terrorism financing, following a provisional agreement between the Council and the bloc’s Parliament.

The AMLA — or Anti-Money Laundering Authority — will work closely with national bodies to ensure compliance with anti-money laundering and terror financing-related obligations within the financial sector, the European Council said in a statement on Wednesday. 

The new entity will also have a supporting role in non-financial sectors, and coordinate financial intelligence units in member states.

A decision on where the agency will be based is yet to be taken.

Nine EU countries including Germany, France, Italy and Spain are vying to host AMLA, creating another spoil in prospective horse trading for influence and major positions next year. 

(Updates with cities vying to host AMLA in final paragraph)

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