n Tydskrif vir die Suid-Afrikaanse Reg - The importance and relevance of financial institutions doing business with politically exposed persons in the global fight against money laundering : aantekeninge

Volume 2007, Issue 2
  • ISSN : 0257-7747
  • E-ISSN: 1996-2207



Mention the word "politically exposed persons" or the term "politically exposed person" to anybody and the chances are good that he or she will not have any idea what you mean or who you are talking about. However, mention the fact that government leaders such as Ferdinand and Imelda Marcos, the former president and first lady of the Philippines, or General Sani Abacha, the president of Nigeria from 1993 to 1998, are politically exposed persons and most people will better understand what a politically exposed person is. It is an individual who has or had a position of public trust such as a head of state, a government official, a senior executive of government corporations or state-owned entities or enterprises, a senior politician, a senior important political party official, etc, and his or her immediate families, close associates and advisors and who can obtain or obstained state money (or other assets) by being dishonest, which in the majority of cases is likely to be invested in financial institutions in foreign jurisdictions. It is believed that the whole Marcos debacle gave birth to what is today internationally known as politically exposed person due diligence (Leppan (2005) 3). But what exactly did Marcos and Abacha do to be classified as politically exposed persons?

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