Ireland has presented its case for hosting the EU’s new Anti-Money Laundering Authority (AMLA) in Dublin before a joint hearing of the European Parliament and EU Council.

Minister for Finance Michael McGrath (pictured) told the public hearing that Dublin was “the rational and compelling” location for AMLA.

He stressed that the Government had committed €80 million to ensure the swift establishment of the agency in Dublin.

‘Compact’ city

The minister said that Dublin had the “credibility and connectivity to deliver on the promise of AMLA”, citing its status as a financial and technology centre, and its strong regulatory culture.

He also described Dublin as a “compact and well-connected city”.

Minister of State Jennifer Carroll MacNeill told the hearing that 100,000 people were working in regulated financial services in Ireland, while thousands more were employed in supporting the sector’s “vibrant eco-system”.

She also highlighted the Criminal Assets Bureau (CAB) as a “global leader” in the seizure of the proceeds of crime.

'Progress' on housing

The Irish delegation faced questions on Ireland’s reputation for attracting ‘shell’ companies, and on housing pressures.

Minister McGrath told the hearing that “very significant progress” was being made on housing output, though there was more work to do.

Minister Carroll MacNeill also said that Ireland’s absence from the Schengen agreement had never been a barrier to attracting staff from other EU countries.

A final decision on the host city will be made on 22 February. Dublin is among nine cities seeking to host the agency.