The Financial Action Task Force (FATF) describes a politically exposed person (PEP) as "an individual who is or has been entrusted with a prominent public duty. It is acknowledged that many PEPs are in situations that could be used for the purpose of committing money laundering offences and related predicate offences, such as corruption and bribery, as well as carrying out activity related to terrorism funding, due to their position and influence.
PEPs are also "those who currently hold or have formerly held significant public positions, as well as their immediate family members and close acquaintances, and covers both domestic and overseas PEPs."
PEPs may work for the government or other major institutions and organizations.
Please find a list of examples below:
No public function mentioned in points (1) through (8) is to be interpreted as involving middle-level or less senior officials.
Who qualifies as a PEP related individual?
A PEP person will in most situations recognise whether he/she qualifies as a Political Exposed Person.
Parties connected to relatives of politically exposed individuals: spouse, registered partner, sexual partner, cohabitant, parents, children, and spouses, registered partners, or cohabitants of a politically exposed person.
A close colleague or companion of someone who is politically exposed: