Venezuela and its definition of PEP

Venezuela is no exception when it comes to anti-money laundering and counter-terrorism financing regulations. As is the case in surrounding countries like Uruguay or Ecuador, Venezuela develops its own definition of politically exposed persons for its national officials.

In terms of key legal instruments to understand the concept of PEP in Venezuela, two must be considered:

Organic Law Against Organized Crime and Terrorism Financing;
and the Circulars published by the National Financial Intelligence Unit.

Article 4.19 of the Law defines politically exposed persons (PEP) as “a natural person who is or was a high-level political figure, of trust or similar, or their closest family members or immediate circle of collaborators, for holding positions such as an important official of an executive, legislative, judicial, or military body of a national or foreign government, whether elected or not, a high-level member of a national or foreign political party, or a senior executive of a corporation that is owned by a foreign government.” This definition follows the standards and guidelines established by the FATF in Recommendations 12 and 22.

Interestingly, there is a category of PEP that is uncommon in other comparable regulations: the “Legal Entity PEP.” The Venezuelan regulation, in the aforementioned article ut supra, states that a PEP can also be “any legal person, such as a corporation, business, or other entity, created by that official for their benefit.”

Additionally, Venezuelan law also defines the term “intimate associate,” establishing it as “a person commonly known for their close association with a politically exposed person, including those in a position to conduct financial transactions on behalf of said person.”

List of PEPs in Venezuela

The Circular issued by the National Financial Intelligence Unit outlines the definition of PEP and lists the different roles that hold this position. This Circular begins by defining key concepts such as: relevant public office, relevant public office in another country, international organization official, and political party leader. It then establishes the measures to be taken when dealing with a PEP as an obligated subject, and finally, lists the different positions that hold PEP status.

Executive Power
- President of the Bolivarian Republic of Venezuela
- Vice President of the Bolivarian Republic of Venezuela
- Ministers
- Vice Ministers
- Governors
- Mayors
- Officials appointed by the President of the Bolivarian Republic of Venezuela to perform management and financial resource administration duties within State Institutions.
Legislative Power
- Constituent National Assembly
- National Assembly
- Councilors
Judicial Power
- Magistrates of the Supreme Court of Justice
Citizen Power
- President of the Republican Moral Council
- Ombudsman
- Attorney General of the Republic
- Comptroller General of the Republic
Electoral Power
- Main Rectors
- Alternate Rectors
Police Organizations
- Directors, Deputy Directors, and financial resource administration officials of the police organizations attached to the Deputy Ministry of Integrated Police System
National Public Companies
- Board of Directors
- President
- Vice President
Political Parties
- Presidents
- Vice Presidents
- Secretary General
- Deputy Secretaries
- Coordinators

Here are the main sources used by Pibisi to extract the PEPs of Venezuela:

List of PEPs in Venezuela

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