Politically exposed person

from Wikipedia, the free encyclopedia

A politically exposed person ( PEP ) is a politician or a person in the immediate vicinity of a politician who is subject to stricter requirements with regard to money laundering than a normal citizen.

According to the regulations for combating money laundering or the financing of terrorism, in Germany for example the Money Laundering Act, the party obliged to take security measures must follow a risk-based approach. This also applies to measures to identify a person as a politically exposed person (see Recommendation 12 and FATF guidelines for politically exposed persons, pp. 6–9). By examining a list, one can conclude that a person may be a politically exposed person. The world's largest PEP database with more than 1.9 million entries provides online compliance from Accuity, a RELX Group business.

Legal position

In November 2000, on the initiative of Switzerland, a meeting with the G7 countries was held in Lausanne to discuss the definition and handling of PEP. This was followed by the document Supervisors' PEP working paper 2001 . In this, the term “PEP” was clearly defined for the first time, although the Swiss Federal Banking Commission SFBC had used the term earlier, particularly in connection with the Abacha funds. It was laid down and defined in the GwV-SFBC in 2002 (or possibly even earlier).

Then the term was established in politics. The (rather vague) definition was given in Directive 2005/60 / EC of the European Parliament and of the Council of October 26, 2005 on preventing the use of the financial system for the purpose of money laundering and terrorist financing . Article 3 No. 8 of the Directive defines politically exposed persons as "those natural persons who exercise or have exercised important public offices and their immediate family members or persons known to be closely related to them".

This definition is specified in more detail by the implementing provision of Directive 2006/70 / EC in Article 2. There you will find a detailed list of the groups of people affected.

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  1. ^ Risk Based Approach - Financial Action Task Force (FATF). Retrieved January 31, 2017 .
  2. ↑ Accuity - financial crime compliance solutions - The Law Society. Retrieved February 19, 2020 .
  3. ^ Federal Banking Commission: Report of the Federal Banking Commission on its Money Laundering Ordinance of December 18, 2002. March 2003, p. 21 , accessed on October 21, 2019 .
  4. ↑ PricewaterhouseCoopers, combating money laundering and customer identification, April 2003, 152/153
  5. ↑ Archived copy ( Memento of the original dated December 20, 2006 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. @1@ 2Template: Webachiv / IABot / www.admin.ch
  6. ↑ Directive 2005/60 / EC of the European Parliament and of the Council of October 26, 2005 on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing
  7. ↑ Directive 2006/70 / EC of the Commission of August 1, 2006 with implementing provisions for Directive 2005/60 / EC of the European Parliament and of the Council with regard to the definition of "politically exposed persons" and the specification of the technical criteria for simplified due diligence and for the exemption in cases in which financial transactions are carried out only occasionally or to a very limited extent