PEPs and asset disclosures to promote greater transparency and accountability.
08/11/2023
Politically Exposed Persons (PEPs) are individuals who are or have been entrusted with a prominent public function. Due to their position and influence, it is recognised that many PEPs are in positions that potentially can be abused to commit money laundering offences and related predicate offences, including corruption and bribery.
Numerous countries have introduced the requirement for public officials to file asset disclosures to promote greater transparency and accountability. These requirements apply to PEPs, as well as to their family members and close associates.
The asset disclosure requirements vary by country, but generally, they require public officials to disclose their assets, income, liabilities, and interests. This also extends to their family members and close associates.
To be effective, the list of public officials required to file asset disclosures should contain at least the position held by each official. Additional identifying information, such as date of birth, national identification number, and information on family members, can further enhance the effectiveness of these disclosures.
SOURCES
- https://www.fatf-gafi.org/content/dam/fatf-gafi/guidance/Guidance-PEP-Rec12-22.pdf
- https://www.worldbank.org/en/topic/financialsector/publication/asset-disclosure
- https://www.coe.int/en/web/moneyval/implementation/politically-exposed-persons
- https://knowledgehub.transparency.org/assets/uploads/helpdesk/287_Foreign_exchange_controls_and_assets_declarations.pdf
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As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.