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Author Topic: Once a PEP remains a PEP forever?  (Read 199 times)

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KYCbench

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Once a PEP remains a PEP forever?
« on: 24. October 2018., 04:22:41 »
A PEP is an individual with a prominent public role in a government body or international organisation. A PEP generally presents a higher risk for potential involvement in bribery and corruption by virtue of their position and the influence that they may hold. Immediate family members and close associates of the PEP are also PEPs.
What happens when PEPs retire?
In the UK they are de-PEPped after being out of power for a year, while in Guernsey and some other places, they remain a PEP forever. And because the PEP definition includes grandchildren, strictly speaking they should be considered PEPs forever too.
In theory, money stolen or accepted in bribes by a corrupt PEP remains dirty forever – even when bequeathed to his heirs. So perhaps it makes sense to consider PEPs and the next two generations to be high risk and subject to enhanced due diligence forever.
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Once a PEP remains a PEP forever?
« on: 24. October 2018., 04:22:41 »
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