Author: Juan Carlavilla

The European Union introduced a legislative package in 2021 aimed at strengthening the regulatory and institutional framework for combating money laundering and the financing of terrorism. This legislative push includes a new Anti-Money Laundering Directive and the new European Regulation on Money Laundering and Terrorist Financing Prevention. Alongside these rules, a European Regulation has been enacted to establish the Anti-Money Laundering and Counter-Terrorism Financing Authority —  AMLA, by its English acronym.

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The Financial Action Task Force — FATF — among its various responsibilities, promotes legal and operational standards to combat money laundering and terrorism financing. To achieve this goal, it issued the 40 Recommendations. In this article, we will analyze the FATF’s seventh recommendation.

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Just like its European counterparts such as Sweden, Portugal, or Spain; Italy also defines its concept of politically exposed person in its prevention regulations. Like its European peers, its provisions are influenced by the regulatory framework set by the FATF and the legislative developments brought forward by the European Union through its Directives.

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Politically exposed persons are a group of individuals on which anti-money laundering regulations focus. Over the years, as a result of intergovernmental cooperation promoted by various entities, including the FATF, states have been strengthening their regulations concerning politically exposed persons. In this article, we will examine the case of the Dominican Republic and the definition given by this country on PEPs.

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The concept of a politically exposed person in prevention regulations is a common reality across all States. This widespread existence stems from cooperation between governments initiated by entities such as the FATF. Thanks to this joint effort, the laws and regulations of each State define their own notion of a politically responsible person. In this article, we will examine the case of Guatemala.

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The notion of a politically exposed person is a reality in prevention regulations in most countries. This generality is due to the influence of the FATF and its drive for cooperation between governments. Thanks to this reformist effort, each country defines its own concept of a public official, and this article analyzes the case of Colombia.

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International sanctions are economic restrictions imposed by states or official bodies. In recent days, we have seen various financial countermeasures imposed on the Russian Federation. These sanctions imposed on Russia due to its invasion of the Ukrainian state are not rooted solely in this specific conflict; rather, since 2014, the European Union has been taking restrictive measures to sanction Russian actions against Ukraine.

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Just as other Latin American countries like Ecuador, Uruguay also develops the concept of politically exposed persons, PEP —. This definition originates from the recommendations established by the FATF, particularly recommendations 12 and 22; which required credit institutions and other obligated parties to know who their clients were and whether they held a significant position in the political spectrum, subsequently applying enhanced due diligence measures to them.

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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.

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The United Kingdom, like other countries in its vicinity such as France, Netherlands, Portugal, or Spain, also defines specific regulations on Politically Exposed Persons (PEPs). The main Anglo-Saxon regulation outlining the key aspects of anti-money laundering is the The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017.

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