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PEP (Politically Exposed Person): 1MDB Scandal The corruption scandal surrounding the state investment fund 1Malaysia Development Berhad (1MDB) illustrates how PEPs can exploit financial systems The case highlights the risks and challenges associated with politically exposed persons and the compliance requirements that financial institutions must meet to prevent misconduct
Overexposure to politically-exposed persons (PEPs) in Greater China Furthermore, the HKMA has stated FIs may use publicly available information, such as Transparency International’s Corruption Perceptions Index, to determine whether a PEP requires enhanced due diligence because they operate in a country which has an elevated risk of corruption The PRC ranks a low 79 out of 176 on the Corruption Perceptions Index (tied with Brazil and India)
Part State-owned enterprises and Politically Exposed Persons To succeed, the NCA had to show that Mr H was a PEP This would mean that, as a close family member, Mrs H would also be considered to be a PEP Mrs H argued that her husband did not work for a "State-owned enterprise" and, even if he did, he was not a PEP Definition of a PEP The definition of a PEP in the Proceeds of Crime Act 2002 (POCA) is:
Politically exposed persons, corruption and foreign bribery . . . - AUSTRAC The following is an example of how third parties may be used to launder the proceeds of corruption Suspect A (PEP) receives confidential information about the privatisation of a government entity Suspect A persuades a close associate to buy shares in company Y on his behalf Company Y submits a tender for the right to buy the government entity
FATF Guidance: Politically Exposed Persons (Recommendations 12 and 22) Examples of such red flags are the use of corporate vehicles to obscure ownership by PEPs, information being provided by the PEP being inconsistent with other publicly available information (such as asset declarations and published official salaries), or doing business with PEPs that are connected to higher risk countries (such as those for which FATF issues public statements) or high risk
Seven syndicate members charged for allegedly laundering almost $229 . . . Four Chinese nationals and three Australian citizens have been charged for their alleged involvement in the money laundering syndicate and are expected to appear in Melbourne Magistrates’ Court today (Thursday, October 26) Those charged include: A Balwyn man, 37 A Glen Iris man, 40 A Vermont woman, 33 A Kew man, 35 A Kew woman, 35
Politically exposed persons - Committee of Experts on the Evaluation of . . . Studies undertaken by the FATF and other international organisations identified that the positions held by PEPs are vulnerable to abuse for the purposes of corruption, ML and potentially TF The FATF formulated an approach establishing specific requirements in relation to PEPs, in particular setting a number of additional requirements for the private sector subject to the FATF Recommendations
Politically Exposed Persons - HMRC internal manual - GOV. UK A politically exposed person (PEP) is defined in regulation 35(12) of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017) as an
Executive Summary and Principal Recommendations - World Bank due-diligence procedures with a view to detecting the proceeds of corruption 2 Clari cation and harmonization of the international requirements on PEPs The current variations among approaches serve as both a good excuse not to act and are seen by some as a real impediment to the development and implementation of effective PEP controls