Definition
Although there is no global definition of a PEP, most countries have based their definition on the FATF definition:
- current or former senior official in the executive, legislative, administrative, military, or judicial branch of a foreign government (elected or not)
- a senior official of a major foreign political party
- a senior executive of a foreign government-owned commercial enterprise, being a corporation, business or other entity formed by or for the benefit of any such individual
- an immediate family member of such individual; meaning spouse, parents, siblings, children, and spouse's parents or siblings
- any individual publicly known (or actually known by the relevant financial institution) to be a close personal or professional associate.
Read more about this topic: Politically Exposed Person
Famous quotes containing the word definition:
“Scientific method is the way to truth, but it affords, even in
principle, no unique definition of truth. Any so-called pragmatic
definition of truth is doomed to failure equally.”
—Willard Van Orman Quine (b. 1908)
“Was man made stupid to see his own stupidity?
Is God by definition indifferent, beyond us all?
Is the eternal truth man’s fighting soul
Wherein the Beast ravens in its own avidity?”
—Richard Eberhart (b. 1904)
“Although there is no universal agreement as to a definition of life, its biological manifestations are generally considered to be organization, metabolism, growth, irritability, adaptation, and reproduction.”
—The Columbia Encyclopedia, Fifth Edition, the first sentence of the article on “life” (based on wording in the First Edition, 1935)