Thursday, September 20, 2012

What is a “PEP”?

Continued from Taib Timber Mafia and
“Stop Timber Corruption” Campaign

What is a “PEP”? There is no single, universally agreed upon definition of a „politically exposed person“ (PEP), a term that has recently become key for international anti-corruption and anti moneylaundering efforts.

By way of example, the term „politically exposed person“ (PEP) has been defined by Swiss authorities in the relevant Anti-Money Laundering Ordinance, as follows:
• Persons holding prominent public positions such as „Heads of State or Government, senior politicians at national level, senior government, judicial, military or party officials at national level, senior executives of state-owned companies of national importance“ and
• „Companies and people identified as having close family ties or personal or business connections to the aforementioned persons.“

Other countries are using similar definitions. It is important to note that not only leading politicians but also their family members or close business associates have to be regarded as PEPs


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