Ireland declares interest in hosting new EU AML Authority


The Minister for Finance Michael McGrath has announced Ireland’s intention to declare its interest in hosting the new EU Anti-Money Laundering Authority (“AMLA”).

The AMLA will be a significant EU institution, tasked with supervision – either directly or jointly with national supervisors – of entities in the financial services sector in the first instance, but eventually also in the non-financial sector. The supervision will be in respect of the entities’ compliance with anti-money laundering and countering financing of terrorism rules and standards (AMLCFT). The institution is due to be established in 2024, although it is not expected to be fully operational until 2026/2027.

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