POLITICALLY exposed persons have been receiving a lot of attention recently. Unfortunately, lost in the debate is an accurate record of what is being proposed to supervise their business affairs. Unlike SA, the international financial regulatory community has long recognised that people in positions of power are at high risk of involvement in corruption. A politically exposed person is someone who is or has been entrusted with a prominent public function. They occupy positions that can be abused to commit money-laundering offences and activities related to terrorist financing. The risk posed by them has given rise to the need to apply more intrusive anti-money laundering and counterterrorist financing preventative measures with respect to their business relationships. In June 2003, the Financial Action Task Force (FATF), an international body of which SA is a member, issued mandatory requirements covering foreign politically exposed persons, their family members and close associates...
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