The FCA has fined Standard Bank PLC £7.6million (including a 30 per cent discount) for failing to have adequate anti-money laundering (AML) policies and procedures in relation to corporate customers connected to politically exposed persons (PEPs). Standard Bank failed to comply with Regulation 20(1) of the Money Laundering Regulations 2007 between 15 December 2007 (when […]

Bulgaria’s ex-deputy parliament speaker Hristo Biserov was charged Friday with money laundering. The veteran politician was also number-two in the Turkish minority MRF party, a key supporter of the government, until he resigned last week, just days before revelations he and his stepson had channelled dirty money to offshore accounts. Prosecutors said Friday they were […]

The EU must grab the opportunity to shine a light on the secretive world of shell companies when it revises its money laundering rules, writes Catherine Olier. Catherine Olier is Oxfam’s EU policy advisor What do US food trader Cargill, German car maker Daimler AG, and computer giant Apple all have in common? At first, […]

A team of the Central Bureau of Investigation (CBI) of India arrives in Mauritius as part of an investigation into a money laundering case involving a former Minister of India. The former minister Janardhan Reddy, currently in custody, suspected of being the head of the companies involved in illegal mining. According to Indian media, Janardhan […]

For the purpose of this guidance paper, the definitions set out in the Glossary to the FATF Recommendations apply.5 The FATF Glossary definition of politically exposed person is meant to have the same meaning as the term persons with prominent public functions (as used in UNCAC Article 52). In particular, the following definitions, which do […]

The Financial Action Task Force (FATF) has published guidance on politically exposed persons (PEPs), who are individuals that carry out, or have been entrusted with, prominent functions. Because many PEPs hold positions that can be abused for the purpose of laundering illicit funds or other predicate offences such as corruption and bribery, the guidance sets […]

Politically Exposed Persons – A Policy Paper on Strengthening Preventive Measures 11 Sep 2012 http://siteresources.worldbank.org/EXTSARI/Resources/5570284-1257172052492/PEPs-ful.pdf?resourceurlname=PEPs-ful.pdf Funds stolen by corrupt politicians and stashed abroad with the help of the international banking systems are the main focus of this publication. The authors analyse the shortcomings in existing frameworks to curb such activity and identify a set of […]

Politically Exposed Persons – A Policy Paper on Strengthening Preventive Measures 11 Sep 2012 http://siteresources.worldbank.org/EXTSARI/Resources/5570284-1257172052492/PEPs-ful.pdf?resourceurlname=PEPs-ful.pdf Funds stolen by corrupt politicians and stashed abroad with the help of the international banking systems are the main focus of this publication. The authors analyse the shortcomings in existing frameworks to curb such activity and identify a set of […]