Minister for Finance Michael McGrath said he will declare interest to have the EU’s new Anti-money Laundering Authority, or Amla, based in Ireland.
“Locating Amla in Ireland can benefit the authority, as it would have close proximity to a range of entities from which it can learn what’s needed to develop its operational expertise,” said Mr McGrath.
Hosting it could pay dividends by boosting Ireland’s international standards, he added.
The Amla will be tasked with the supervision, either directly or jointly with national supervisors, of entities in the financial services sector and eventually also in the non-financial sector.
The supervision will be in relation to compliance with anti-money laundering, and countering financing of terrorism.
The institution is due to be established in 2024, although it is not expected to be fully operational until 2026/2027.
The authority is being formed following concerns at EU level that rules and standards need to be strengthened across member states and applied in a uniform manner.
The authority will host the secure communications network for the EU member States’ national Financial Intelligence Units. In Ireland, this is a division of An Garda Síochána, which is currently maintained by Interpol.
