Publication of Interpretative Note
June 23, 2020
23rd June 2020
Relevant Activity for Notaries
In terms of the Prevention of Money Laundering and Funding of Terrorism Regulations (S.L. 373.01) (‘PMLFTR’), Notaries are deemed to be subject persons with AML/CFT obligations when they carry out ‘relevant activity’. This term is defined under Regulation 2(1) of the PMLFTR, however not all the services provided by notaries in Malta constitute relevant activity.
To assist notaries with determining whether a given service constitutes a relevant activity, and so whether AML/CFT measures must be carried out, the FIAU has published a document entitled ‘Interpretative Note: Relevant Activity for Notaries’.
Through this document, the FIAU has, in consultation with the Notarial Council, drawn up a comprehensive list of notarial deeds and acts and categorized them accordingly. This document also identifies a number of services or deeds which although not categorised as relevant activity, constitute potential money laundering typologies, for which notaries should exercise vigilance to avoid being embroiled in money laundering operations.
The FIAU thanks the Notarial Council for its feedback and support throughout the process.
The document is available on the FIAU’s website through this link: https://fiaumalta.org/consultation-publications/#guidance