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Ireland Competes to Host EU’s Anti-Money Laundering Authority and Extends Outdoor Alcohol Seating Provisions

Money LaunderingIreland Competes to Host EU's Anti-Money Laundering Authority and Extends Outdoor Alcohol Seating Provisions

Ireland has decided to compete with nine other EU member states to host the EU’s Anti-Money Laundering Authority (AMLA). Finance Minister Michael McGrath received Cabinet approval to submit a formal bid to the European Commission. AMLA is expected to start with 150 staff members in its first year, expanding to 300-350 within the following two years, with a potential budget of up to €500 million annually. Key criteria for hosting include a 10,000 square meter office and proximity to an airport. Ireland, along with Austria, Belgium, France, Germany, Italy, Latvia, Lithuania, Luxembourg, and Spain, is among the ten countries vying to host AMLA. The decision on the location will be made in 2024.

Additionally, the Cabinet agreed to extend provisions allowing alcohol consumption in outdoor seating areas for another six months until May 31, 2024, with potential legislation for extended opening hours expected. The Cabinet also requested the early signature of the Energy (Windfall Gains in the Energy Sector) (Cap on Market Revenues) Bill 2023, aiming to ensure companies in the energy sector can make returns by the end of the year and payments by the end of January, potentially generating revenues in the range of €280 million to €600 million.

By FCCT Editorial Team

Disclaimer: The views expressed in this article are independent views solely of the author(s) expressed in their private capacity.

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