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NCJ Number: 229824 Find in a Library
Title: Challenges in Dealing with Politically Exposed Persons
Author(s): Kim-Kwang Raymond Choo
Date Published: February 2010
Page Count: 6
Sponsoring Agency: Australian Institute of Criminology
Canberra ACT, 2601, Australia
Sale Source: Australian Institute of Criminology
GPO Box 2944
Canberra ACT, 2601,
Document: PDF
Type: Report (Study/Research)
Format: Document
Language: English
Country: Australia
Annotation: This study examined corruption and the politically exposed person (PEP).
Abstract: Politically exposed persons (PEPs) are individuals who are, or have been, entrusted with prominent public functions. PEPs are potential targets for bribes due to their prominent position in public life. They have a higher risk of corruption due to their access to State accounts and funds. A review of Financial Action Task Force (FATF) and FATF-style regional bodies' mutual evaluation reports reveals that a significant number of jurisdictions are found to be either non-compliant or partially-compliant with the FATF recommendation on PEPs. Corrupt PEDs may exploit the regulatory difference between jurisdictions to facilitate the laundering of corruption proceeds and/or illegally diverted government, supranational or aid funds. To combat money laundering risks posed by PEPs, there is a need for ongoing monitoring of risks by regulated entities. This paper also outlines three policy implications, namely: deciding whether to include domestic public office holders in existing PEP definitions; deciding when to terminate PEP status; and deciding whether to extend PEP monitoring to individuals holding important positions in the private sector, that is, financially exposed persons. Table and references (Published Abstract)
Main Term(s): Corruption of public officials
Index Term(s): Bribery; Money laundering; Political crimes; Regulatory offenses; Risk taking behavior
Note: AIC Trends and Issues in Crime and Criminal Justice, No 386, February 2010
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