Cathal Crowe (Clare, Fianna Fail)
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109. To ask the Minister for Finance if he aspires to have any major European Union or United Nations institutions headquartered in Ireland; and if he will make a statement on the matter. [19629/23]

Michael McGrath (Cork South Central, Fianna Fail)
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As the Deputy may be aware, on March 28 I announced Ireland’s intention to declare its interest in hosting the new EU Anti-Money Laundering Authority (“AMLA”).

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.

AMLA will be established on foot of an EU Regulation that was published in July 2021 and expected to be finally adopted by the EU, later this year. It will oversee implementation, by obliged entities, of the new EU “Rulebook” on AMLCFT matters and is expected to provide harmonised guidance and regulatory technical standards to national supervisors.

AMLA will acquire the AMLCFT competences of the European Banking Authority and will also 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.

I believe Ireland is an ideal location for this important new EU authority. We have a significant financial services sector, built over decades, that will be subject to AMLA’s direction and the new AMLCFT Rulebook. Within that sector, there is robust AMLCFT compliance which will be further enhanced by the implementation of the new EU rule book. Furthermore, within our labour force, we have all the skills and experience necessary to establish AMLA and to ensure it operates to high standards.

Ireland also has strong collaborative relations with our EU partners, the European Commission and the global AMLCFT standard setter – the Financial Action Task Force (FATF). We have a reputation for solid administration and governance and a unique perspective on AMLCFT issues, as the last fully common law jurisdiction in the EU.

I look forward to making the case for Ireland as an ideal location for AMLA with my European counterparts over the coming months.

It is worth noting that Ireland already hosts an EU Agency. The European Foundation for the Improvement of Living and Working Conditions (Eurofound) was established in 1975 and provides research-based input for the development of social, employment and work-related policies. This agency employs 100 staff.

In relation to UN bodies or Agencies, I am informed by the Tánaiste and Minister for Foreign Affairs that there are currently no plans to locate the headquarters of a UN body or agency in Ireland. A number of UN agencies do of course already have Irish offices.