FATF CONSIDERS WIDENING SCOPE OF GLOBAL MONEY LAUNDERING CONTROLS ON POLITICALLY EXPOSED PERSONS
June 1st, 2011
BY ALAN OSBORN
ONE of the most troublesome areas highlighted by the recent decision of the Financial Action Task Force (FATF) to review its standards is the section covered by Recommendation 6 on 'politically exposed persons', or 'PEPs' to quote the commonly used acronym. The term is popularly taken to mean persons entrusted with a prominent public function, such as government ministers or top civil servants, or individuals closely related to such persons, and the implication is that such people could be more vulnerable to corruption than others - at any rate ...
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