by: Theodore S. Greenberg, Larissa Gray, Delphine Schantz, Carolin Gardner, Michael Latham
In recent years, revelations of grand corruption and the plunder of
state assets have led to greater scrutiny of financial relationships
with politically exposed persons (PEPs)—senior government
officials and their family members and close associates.
Notwithstanding the efforts by many financial institutions and
regulatory authorities to prevent corrupt PEPs from entering and using
the financial system to launder the proceeds of corruption, there has
been an overall failure in the effective implementation of
international standards on PEPs. Implementation of an effective PEP
regime is a critical component in the prevention and detection of
transfers of proceeds of crime and, therefore, ultimately in the
process of recovering them.
Politically Exposed Persons: Preventive Measures for the Banking
Sector is designed to help banks and regulatory authorities address
the risks posed by PEPs and prevent corrupt PEPs from using domestic
and international financial systems to launder the proceeds of
corruption. The book provides recommendations and good practices aimed
at improving compliance with international standards and increasing
supervisory effectiveness. It is an important tool for individuals,
governments, financial and private sector companies, and international
organizations involved in developing and implementing standards aimed
at fighting corruption and money laundering, and trying to recover
stolen assets and the proceeds of corruption.
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