Following the announcement on December 18th that the Council and the European Parliament have reached a consensus on the process for selecting the location of the new European Anti-Money Laundering Authority (AMLA), representatives of the Irish business and legal professions have expressed their support for Ireland’s bid to host AMLA. The final decision on the location will be made in an informal inter-institutional meeting, and the outcome will be incorporated into the AMLA regulation. The Commission has received applications from nine member states, including Ireland, and an assessment is expected in January 2024.
In a joint statement, Ibec, Financial Services Ireland, Irish Funds, Insurance Ireland, Banking and Payments Federation Ireland, and the Law Society of Ireland said:
“We are supporting Ireland’s campaign to bring the new European Anti-Money Laundering Authority (AMLA) to Ireland. The authority would further bolster the positive global standing of Ireland’s financial services sector, as well as many relevant sectors such as Insurance, Technology and Cyber.
Ireland has developed a strong standing as a hub for robust regulation and enforcement. Ireland is home to substantial investments in sectors such as International Financial Services, FinTech, Technology, and Cyber, and we have strong trading links with the UK and the US.
Locating AMLA in Dublin would not only further enhance our reputation among international investors but also solidify Ireland’s standing as an excellent place to do business. We believe Ireland has the necessary expertise, skills, and stakeholder support to be a successful location for AMLA. Hosting this new regulator would be a powerful demonstration of the deep pool of knowledge and expertise within the industry, including areas such as governance, technology, and administration.”
The Minister for Finance, Michael McGrath TD, and the Minister of State for Financial Services, Credit Unions, and Insurance, Jennifer Carroll MacNeill TD, formally published Ireland’s application to host AMLA on November 15th. The new authority is due to be established next year and expected to come into operation in 2026 or 2027. It will be responsible for supervising financial services firms’ compliance with standards relating to anti-money laundering and countering the financing of terrorism.