Press release
Ministers McGrath and Carroll MacNeill publish Ireland’s bid to host the new EU Anti-Money Laundering Authority
Published on
Last updated on
Published on
Last updated on
The Minister for Finance Michael McGrath and the Minister of State for Financial Services, Credit Unions and Insurance, Jennifer Carroll MacNeill have today (Thursday) published Ireland’s application to host the new EU Anti-Money Laundering Authority, AMLA.
AMLA will be established in a member state of the European Union, and Ireland is one of nine member states who have submitted an application to the European Commission to host the new authority.
AMLA will be a significant EU institution, tasked with supervision of compliance with anti-money laundering and countering financing of terrorism rules and standards. AMLA will supervise entities in the financial services sector in the first instance, but eventually also in the non-financial sector. The institution is due to be established in 2024, although it is not expected to be fully operational until 2026/2027. It is expected that staff numbers for AMLA would be in the region of 250-400 and final numbers will be dependent on the outcome of the legislative negotiations between the European Council and the European Parliament on the tasks and scopes of the new authority.
Ministers McGrath and Carroll MacNeill have already held direct discussions with Ministerial and diplomatic colleagues highlighting the strengths of Dublin as the home for AMLA and this will intensify over the weeks ahead.
Speaking today, the Minister for Finance Michael McGrath said:
“Ireland’s application to host a significant new European authority marks an important point in our 51st year as proud members of the European Union. As a truly diverse and multicultural society, with a proven track record of attracting global firms, Dublin is the ideal location for AMLA offering everything it needs to be a success.
"AMLA is being established by the EU to improve the detection of suspicious financial transactions and closing loopholes used by criminals to launder illicit proceeds or finance terrorist activities, which will ultimately make communities safer right across the EU.
"As a committed member of the European Union, it is important for Ireland that the location of pan-European institutions are distributed evenly across Member States. As an island nation on the edge of the continent, Ireland has a unique global perspective that can inform the culture of AMLA as it looks to protect the values of Europe on the world stage. Locating AMLA in Ireland makes a powerful statement of the capacity for all Member States to participate fully in creating the future of the Union.”
Speaking from the Singapore Fintech Festival, where AI is a key theme in combatting money laundering, the Minister of State for Financial Services, Credit Unions and Insurance, Jennifer Carroll MacNeill said:
“Dublin is already home to a large globally interconnected financial centre and is recognised as a technology powerhouse that combines with our rich cultural heritage to create the ideal conditions to build this important new EU institution.
"Ireland has an excellent reputation for AMLCFT compliance, has robust systems of governance and administration and has developed a highly skilled workforce which make us an ideal location to host AMLA. Due to our deep cultural links and relationships with the UK and the USA, locating AMLA in Dublin can lead to this vital EU authority having a greater global impact.
"Dublin offers Europe a range of modern, high quality and centrally located office buildings to host AMLA and with good transport links with our EU neighbours, Dublin offers everything the staff of AMLA and their families need to thrive.
"The decision on where to locate this new authority is an important one for Europe, and the first such decision that will involve both the Council and the European Parliament. It was good to have direct conversations on our bid for AMLA with partners in Europe last week and we look forward to engaging further with colleagues across Member States and with the European Parliament over the coming weeks as this process evolves.”
The application process concluded on Friday 10 November, and Ireland is one of nine Member States to submit an application to the European Commission. The applicant countries are; Belgium Germany, Ireland, Spain, France, Italy, Latvia, Lithuania and Austria.
The European Commission is currently conducting a general assessment of all applications and will submit its general assessment to the Council and the European Parliament in the coming weeks.
The legislative negotiations between the Council and the European Parliament are continuing on the entire AMLCFT package including the process for selecting the seat of AMLA. Ireland notes the progress made to date and looks forward to engaging with the Council and Parliament to ensure this process concludes in the coming months.
Minister McGrath hosted all EU Member State Ambassadors in Ireland at an event in Treasury Dock, headquarters of the NTMA, in recent weeks to outline Ireland’s vision for AMLA, ahead of our formal application being submitted. Read the Minister’s speech.
Minister Carroll MacNeill hosted an event focussed on Ireland’s bid in Brussels last Thursday which was attended by representatives from over fifteen Member States, as well as representatives from the European Parliament and industry.
Background, including the criteria for the selection of AMLA’s seat, as well as all Member State application forms can be found here: