A successful bid to host the EU’s new money laundering agency could bring thousands of top jobs to Ireland, according to a leading intelligence expert.

Finance Minister Michael McGrath is today in Brussels to put forward the case for Ireland to host the EU’s new Anti-Money Laundering Authority (AMLA).

If he is successful, 750 full-time EU agency jobs will be brought to Dublin next year.

The agency could also bring around 10,000 support jobs with it.

The AMLA will be tasked with catching suspicious financial movements and closing loopholes used by criminals to launder the proceeds of illegal activities.

Finance Minister Michael McGrath speaks to media in Dublin, 29-11-23. Image: Leah Farrell / © RollingNews.ie

Anti-Money Laundering Intelligence Chair Stephen Rae, told Breakfast Business this morning that Ireland is facing “huge competition” for the agency.

“The Germans are going all out to get it,” he said.

“Their finance minister Christian Linders is here, as is France’s finance minister Bruno Le Maire - so there’s huge competition.

“Germany is the one to beat and there is a feeling that Germany supported Nadia Calviño for EIB President in return for Spain supporting Germany for AMLA.

“There is a degree of horse-trading involved.”

'Big prize'

Mr Rae said hosting the agency would be a “big prize for Dublin”.

“If we were to get it that would be 750 full-time EU agency jobs which are really well-paid jobs,” he said.

“It could attract up to 10,000 support jobs too; you’re talking about compliance departments, international banks coming to Dublin as well as lots of international law enforcement officers.

“You can see what happened to Frankfurt when the European Central Bank went there, it created its own ecosystem - so AMLA would also create its own EU ecosystem.”

Well behind

Mr Rae said Europe is well behind in tackling money laundering.

“There’s been huge scandals up in the Baltics,” he said.

“Effectively the regulator of money laundering in Europe has been the US Department of Treasury which has been imposing huge fines on European banks.

“The problem of money laundering is a $3tn problem, that’s $785bn in drug trafficking, $347bn in human trafficking and $11.5bn in terrorist financing.”

Delegation

Joining the Irish delegation in Brussels today is Junior Minister Jennifer Carroll McNeill, IBEC CEO Danny McEvoy, and a host of other industry and agency leaders.

The AMLA location will be decided by a first-of-its-kind vote in which MEPs and EU member states will have equal voting powers.

A decision is expected to be made by the end of February, while the agency is expected to be up and running in its chosen location by next year.

Main image: Flags of the European Union and its member states. Picture by: Philipp von Ditfurth/DPA/PA Images