Pursuant to Part C of the First Schedule of the Anti-Money Laundering and Countering the Financing of Terrorism Act, 2020 (“AML/CFT Act”) as amended, the Financial Intelligence Unit (“FIU”) is the designated supervisory authority for the Lawyers and Notaries. 

Persons for the Lawyers and Notaries, is being defined by the AML/CFT Act as an independent legal professional or a notary.

As such an “independent legal professional” means a person of firm who or which by way of business provides legal or notarial services to third parties when preparing for in carrying out transactions concerning any of the following –

  1. Buying and selling of movable or immovable property or business entities;
  2. Managing client’s money, securities or other assets;
  3. Opening or managing bank, savings or securities accounts;
  4. The organization of contributions necessary for the creation, operation, operation or management of companies; or
  5. The creation, operation or management of trusts, companies or similar structures, excluding any activity that requires a licence under the International Corporate Services Act.

In accordance to section 12.2 of the AML/CFT Act 2020 as amended, the FIU shall monitor and enforce compliance of the reporting entities under its supervision and shall be responsible for promoting compliance with the provisions of the Act by all the reporting entities.