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Sam Boal

Ireland to launch bid to be home of EU's new Anti-Money Laundering Authority HQ

Minister for Finance Michael McGrath said he believes Ireland would be a “great location” for the new authority’s HQ.

THE GOVERNMENT HAS announced its intention to make a bid for Ireland to be the  home of the European Union’s new Anti-Money Laundering Authority (AMLA) HQ. 

Minister for Finance Michael McGrath gave a briefing at Cabinet today about his proposal to put Ireland forward to host the new authority. 

The AMLA is to be a significant new EU institution, tasked with the supervision of entities in the financial services sector and other operations, in order to assess their compliance with anti-money laundering and countering financing of terrorism rules and standards. 

The institution is to be set up next year, but it is not expected to be fully operational until 2026, or the year after.

Its formation comes as concerns have been expressed about the need for anti-money laundering rules and regulations to be strengthened across EU member states, and for them to be applied in a uniform way. 

AMLA will host a secure communications network for the EU member States’ national Financial Intelligence Units, which is currently hosted by Interpol (In Ireland, our national financial intelligence unit is a  branch of An Garda Síochána). 

Speaking today on Ireland’s bid to host this new European authority, McGrath said that he believes Ireland will be a “great location” for it.

“We have a significant financial services sector, built over decades, that will be subject to AMLA’s direction and the new Anti-Money Laundering and Countering the Financing of Terrorism Rulebook.

“We have a robust framework which will be further enhanced by this new agency. Hosting it here will only add to Ireland’s and the EU’s compliance with international standards,” he added.  

 The Minister said he looks forward to making the case for Ireland to be the home of AMLA.  

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    Mute Audrey Byrne
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    Nov 8th 2021, 12:36 AM

    Seriously.. the cyber attack happened in May.. Ireland is a “Knowledge Economy “.. it should have been sorted by now

    196
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    Mute Marie Louise
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    Nov 8th 2021, 9:32 AM

    @Audrey Byrne: just an excuse fo civil servents to do less work

    54
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    Mute Michael Dikie Foran
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    Nov 8th 2021, 6:05 AM

    What do they mean additional resources just send the people who work there back to the office and do their jobs

    136
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    Mute SmallbutMighty
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    Nov 8th 2021, 7:29 AM

    @Michael Dikie Foran: births deaths and marriages worked from the office throughout the pandemic. They weren’t allowed work from home.

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    Mute In the paper
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    Nov 8th 2021, 7:42 AM

    @SmallbutMighty: Really…do you work there …recently when I tried to access the service I was told only a skeleton staff at the moment…appointments are being given out but could take up to 8 weeks

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    Mute
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    Nov 8th 2021, 7:49 AM

    @In the paper: skeleton staff doesn’t mean some are working from home. There could be several out sick or at home with kids out sick from school.

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    Mute Danger
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    Nov 8th 2021, 9:19 AM

    @SmallbutMighty: no they didn’t

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    Mute The Guru
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    Nov 8th 2021, 5:25 AM

    I know this is a radical idea but maybe, just maybe we could move this process online and eliminate the need for in person appointments and paper forms?

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    Mute SmallbutMighty
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    Nov 8th 2021, 7:38 AM

    @The Guru: its registering the birth of someone. Like that’s Perry official. I think it really need to be done in person no. I can see electronic registering of births becoming wide open to fraud.

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    Mute SmallbutMighty
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    Nov 8th 2021, 7:40 AM

    @SmallbutMighty: pretty

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    Mute The Guru
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    Nov 8th 2021, 11:27 AM

    @SmallbutMighty: well they seem to manage it many other countries. It could easily be verified via the hospital.

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    Mute In the paper
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    Nov 8th 2021, 7:36 AM

    Recently I had to use some Government agencies..ring to talk to someone you get a machine…no-one rings back…email..you get ..no-one in the office ..all this due to covid…yet they can go out to ..pubs ..restaurants…nightclubs…HSE..Civil service members never want to work…now they have another friend …Covid

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    Mute Brian Dunne
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    Nov 8th 2021, 7:25 AM

    We had a baby girl 2 weeks ago and had her registered and birth cert and all within a week.

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    Mute Justin Gillespie
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    Nov 8th 2021, 8:06 AM

    @Brian Dunne: Don’t be coming on here with good news like that Brian. You don’t seem to get the point of the comments section at all at all.

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    Mute Brian Dunne
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    Nov 8th 2021, 8:32 AM

    @Justin Gillespie: lost the run of myself there Justin. Apologies to all involved.

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    Mute Disco Inferno
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    Nov 8th 2021, 12:24 AM

    State instruments are stretched, not trying to be uncaring, but where you take the resources from to improve this?

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    Mute Daniel Muldoon
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    Nov 8th 2021, 9:29 AM

    All registrations should be delayed until a DNA test is completed to confirm that the man who is signing it knows if he is the actual father of the child. There are too many cases today of men who are raising other men’s children thinking that they are their own.

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    Mute Hans Stofberg
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    Nov 8th 2021, 9:31 AM

    Yes its gaotic but a nightmare no . If registering babies is our biggest problem than I sign the contract straight away.

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    Mute Patrick Mahood
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    Nov 8th 2021, 5:12 PM

    It took me 11 weeks to get a copy of my birth certificate so I could apply for social housing, trying ringing the phone number advertised to be redirected to an automated service saying that they were unable to take phone calls and to send email, I sent 5 emails in total.

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    Mute Hans Stofberg
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    Nov 8th 2021, 9:31 AM

    Yes its gaotic but a nightmare no . If registering babies is our biggest problem than I sign the contract straight away.

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