WHAT IS MONEY LAUNDERING?
MONEY LAUNDERING STAGES! THIRD ARTICLE IN THE “SERIES” !!!
FROM A
DIFFERENT POINT OF VIEW by Monte Friesner -
Financial Crime Consultant for WANTED SA
~ Monday October 18, 2010 ~
Politically Exposed Persons (PEP’s)
Politically Exposed Persons or PEP’s are individuals who hold or have held important public political offices, including heads of states or government, political leaders , government spokespersons, high-ranking Army officials, judges, CEO’s of public companies and members of political parties.
It is always possible, especially in countries where corruption is prevalent, that those individuals take advantage of their privileged positions to acquire wealth through bribes, fraud and money laundering etc.
Business relationships with individuals who hold public offices and with companies linked to these individuals may expose banks to considerable risks and may harm the banks’ reputations.
Many banks and financial institutions that are exposed to corruption are a target for Law Enforcement Investigation due to their situation in corrupt countries that are well known for their criminal activities. Corporations are advised and cautioned not to have any business activities due to association.
In the past it has been demonstrated that diplomats and officials are carriers of “bulk cash” into their countries which is then deposited into ‘friendly banks’ for small fees on behalf of drug narcos and corrupt companies. This has become a major outcry for Law Enforcement.
The facts and opinions stated in this article are those of the author and not those of WANTED SA. WANTED SA does not warrant the accuracy of any facts and opinions stated in this article; does not endorse them, and accepts no responsibility for them.
