Ireland loses bid to host new EU money laundering watchdog

Financial hub Frankfurt wins out

In March last year, Minister for Finance Michael McGrath declared interest to have the authority based in Ireland. File Picture: Damien Storan/PA Wire

Ireland's bid to host the EU’s new Anti-Money Laundering Authority (AMLA) was unsuccessful as Frankfurt secured the watchdog role after winning a vote in the Council of the EU member states.

"Deal! The EU Council and European Parliament agreed that the new European Anti-Money Laundering Authority will be located in Frankfurt," the Belgian presidency said in a statement on X.