Dublin has lost out in its bid to house a new EU anti-money laundering agency.
The European Union's new Anti-Money Laundering Authority (AMLA) will be based in the German city of Frankfurt.
The decesion followed a joint vote by MEPs and EU ambassadors on Thursday.
AMLA has been described as the EU’s "new enforcer in the fight against money laundering and terrorism financing".
If successful, 750 full-time EU agency jobs would have been brought to Dublin next year with as many as 10,000 support jobs.
Nine candidates applied to host AMLA and presented their candidacies in joint public hearings.
Other cities in the running included Paris, Rome, Madrid, Vienna and Brussels.
'Trust in the financial system'
During the vote, Frankfurt received a majority of validly cast votes in the first round.
Speaking after the vote, Ireland's EU Commissioner Mairead McGuinness said the agency will get working right away.
"I think in the morning we have a taskforce ready to go, to set up the framework to allow AMLA begin its job," she said.
"We want and need to have trust in the financial system.
"We also want to root out the illegal activities that fund money laundering and allow it to prevail.
"This is an important step for the European Union," she added.
🚨 Breaking news – the EU’s new Anti-Money Laundering Authority will be based in Frankfurt.
We’ve now completed a comprehensive reform of the EU’s rules fighting money laundering.
Dirty money will have no more place to hide in the EU.#AMLA pic.twitter.com/GMsJ9F11OJ— Mairead McGuinness (@McGuinnessEU) February 22, 2024
The news is the latest blow to the capital looking to host EU institutions.
Dublin lost out to Amsterdam and Paris, respectively, in votes to house the European Medicines Agency (EMA) and the European Banking Authority (EBA) following Britain's exit from the bloc.
Dublin was one of only five cities to bid for both agencies in 2017, and was tied in the final vote for the EBA.
Ireland was tied 13 votes to 13 with Paris in the final round, only being beaten by drawing lots - essentially, picking names out of a hat.
Eurofound, the EU agency for the improvement of living and working conditions, is based in Dublin.
