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DC Field | Value | Language |
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dc.date.accessioned | 2022-03-11T07:21:54Z | - |
dc.date.available | 2022-03-11T07:21:54Z | - |
dc.date.issued | 2021 | - |
dc.identifier.citation | Navarro, A.J. (2021). A comparative analysis of the implications of the fifth anti-money laundering directive for the notarial profession: a case study of Malta and Italy (Professional report). | en_GB |
dc.identifier.uri | https://www.um.edu.mt/library/oar/handle/123456789/91145 | - |
dc.description | LAW5006_Professional Practice for Notaries | en_GB |
dc.description.abstract | The rise of financial crime and the proliferation of terrorism led to the founding of the FATF, an organisation which combats money laundering and terrorism funding. The EU implemented the FATF's recommendations through the promulgation of successive AML Directives, which were transposed into Maltese law through the PMLA, the PMLFTR and the four Beneficial Ownership regulations. The Maltese AML legal and regulatory framework imposes AML and CFT obligations upon notaries, co-opting them in the fight against money laundering and terrorism funding. These obligations include the duties of risk assessment and management, compliance, and customer due diligence, as well as the duties of record keeping, reporting and training. To strike a balance between notaries' AML/CFT obligations and their duties of professional secrecy and client confidentiality, the Maltese regime limits notaries' AML/CFT obligations to only be applicable when notaries carry out relevant activity. A comparison with the AML/CFT regime applicable to Italian notaries reveals that both regimes are closely aligned: the AML/CFT obligations of Italian notaries are largely uniform with those of Maltese notaries, and Italian notaries’ obligations are also limited to only apply when relevant activity is carried out. However, some divergences do exist: the Maltese model adopts a prescriptive approach while the Italian framework affords a greater degree of discretion and flexibility, and the Italian attitude towards AML/CFT compliance differs from that which is found in Malta. This report comparatively assesses the impact of the Fifth Anti Money Laundering Directive on the Maltese and Italian Notarial Professions by discussing the legal and regulatory framework, and exploring the manner in which both professions fulfil their AML/CFT obligations in everyday practice. | en_GB |
dc.language.iso | en | en_GB |
dc.rights | info:eu-repo/semantics/restrictedAccess | en_GB |
dc.subject | Money laundering -- Law and legislation -- European Union countries | en_GB |
dc.subject | Money laundering -- Law and legislation -- Malta | en_GB |
dc.subject | Money laundering -- Law and legislation -- Italy | en_GB |
dc.subject | Notaries -- Malta | en_GB |
dc.subject | Notaries -- Italy | en_GB |
dc.title | A comparative analysis of the implications of the fifth anti-money laundering directive for the notarial profession : a case study of Malta and Italy | en_GB |
dc.type | report | en_GB |
dc.rights.holder | The copyright of this work belongs to the author(s)/publisher. The rights of this work are as defined by the appropriate Copyright Legislation or as modified by any successive legislation. Users may access this work and can make use of the information contained in accordance with the Copyright Legislation provided that the author must be properly acknowledged. Further distribution or reproduction in any format is prohibited without the prior permission of the copyright holder. | en_GB |
dc.publisher.institution | University of Malta | en_GB |
dc.publisher.department | Faculty of Laws | en_GB |
dc.description.reviewed | N/A | en_GB |
dc.contributor.creator | Navarro, Andrew James (2021) | - |
Appears in Collections: | Reports - FacLaw - 2021 |
Files in This Item:
File | Description | Size | Format | |
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21LAW5006_018.pdf Restricted Access | 800.54 kB | Adobe PDF | View/Open Request a copy | |
21LAW5006_018 consent form.pdf Restricted Access | 177.81 kB | Adobe PDF | View/Open Request a copy |
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