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Politically exposed persons are individuals who hold or have held significant public offices. Due to their positions of power, anti-money laundering legislation assigns them specific regulations, which result in a special duty of action for obliged entities.
Continue reading “Spain and its definition of PEP”
The Financial Action Task Force—FATF—stated in 2013 that politically exposed persons, due to the power they hold and the influence they enjoy, are in positions that could potentially be abused for purposes of money laundering, corruption, or activities aimed at financing terrorism. Consequently, FATF recommended that additional preventive measures should be applied to these individuals.
Continue reading “Politically exposed persons, who are they?”
The concept of a person with public responsibility is an institution commonly spread across the globe. This is due to intergovernmental cooperation led by the FATF and the inclusion of PEPs in its Recommendations.
Continue reading “Mexico and its definition of PEP”
The fight against money laundering and the financing of terrorism is being addressed from multiple fronts. From private initiatives that promote and encourage the prevention of money laundering, to international institutions or national governments that apply and enforce prevention regulations. Among all these actors, supervisory authorities stand out as the link between public and private sector entities.
Continue reading “European Banking Authority”
With more than 70 members, the Financial Action Task Force — FATF — stands as the international body that sets the standards and guidelines to prevent money laundering and terrorist financing. This organization, through its recommendations, significantly influences the legislative framework for preventing money laundering in many current states.
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On January 10, the deadline for the transposition of the so-called “Fifth Directive” regarding the prevention of money laundering and terrorist financing concluded — Directive 2018/843 —.
Continue reading “Fifth Directive, new Obligated Entities”
Cryptocurrencies like Bitcoin can be potential tools used by criminals to launder proceeds from illegal activities. This assertion was already noted by the Financial Action Task Force (FATF) in 2014, stating that cryptocurrencies are “potentially vulnerable to money laundering and terrorist financing abuse,” and emphasizing the need for legislation and preventive measures regarding these assets.
Continue reading “Cryptocurrencies and the prevention of money laundering”