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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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Finland, just like other European countries such as France, owes its regulations on anti-money laundering and counter-terrorism financing to the European Directives that have been developed over the years. This is why the definition of a PEP (Politically Exposed Person) provided by the Nordic country is closely tied to this European legal instrument.
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The concept of politically exposed person stems from intergovernmental collaboration within international organizations such as the FATF. The outcome of this collaboration is incorporated into the legal frameworks of individual states, with Ecuador being the one analyzed in this article.
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Politically exposed persons are a type of subject found around the globe. Over the years, and as a result of intergovernmental cooperation within the FATF, states have been developing their regulations concerning politically exposed persons, and today we will analyze the case of Chile.
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Brazil, like other countries in the Americas such as Mexico, Ecuador, or Chile, also establishes its own concept of politically exposed persons. The existence of this concept in various countries around the world is influenced by the Recommendations from the FATF in the development of anti-money laundering regulations.
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The notion of politically exposed person — PEP — arises from cooperation between governments in international organizations such as the FATF. The fruits of this collaboration are reflected in the laws of each country, and this article specifically examines the case of Argentina.
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The sixteenth recommendation of the FATF establishes that financial entities carrying out bank transfers must require information about the sender as well as the recipient of the transfer. This information must remain linked to the transfer to prevent money laundering and terrorism financing. To shape this recommendation, the European Union adopted in 2015 Regulation 2015/847 on the information accompanying fund transfers.
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The Regulation 260/2012 has served as the foundation for establishing the SEPA payment system, a service that has promoted the creation of an electronic payment market with no distinction between domestic and cross-border payments. To remain competitive, the SEPA initiative must be continuously renewed, allowing potential technological innovations to develop new payment products. Under this premise, the European Union has enacted a new Regulation aimed at encouraging instant payments.
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In June, a new directive was published on the prevention of money laundering and terrorist financing. This Directive stems from the legislative package presented by the European Commission in 2021; these legislative initiatives included drafts of the present Directive as well as the new European Regulation on the Prevention of Money Laundering and Terrorist Financing.
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In May 2023, the European Regulation on crypto-asset markets, known as MiCA — short for Markets in Crypto-Assets — was published. This European regulation aims to establish uniform rules for cryptocurrency service providers.
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