In terms of the Prevention of Money Laundering and Funding of Terrorism Regulations (S.L. 373.01) (‘PMLFTR’), lawyers (including law firms) 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 lawyers in Malta constitute relevant activity.
To assist lawyers with determining whether they are considered subject persons, and to ensure that AML/CFT rules are applied consistently among the sector, the FIAU has published a document entitled ‘Interpretative Note: Relevant Activity for Lawyers’.
This guidance note was drafted by the FIAU in conjunction with the Chamber of Advocates, and forms part of a broader set of guidelines on the implementation of lawyers’ AML/CFT obligations.
Click here to access the document.