Middle East Events

Following the recent developments in the Middle East the FSA has issued a short statement on the need for firms to be alert to the possible impact the events may have on their anti-money laundering procedures. They advise that the regulations relating to Politically Exposed Persons (PEPs) are particularly relevant.

As will be known, PEPs include persons, and their close associates/family members, who are (or were) heads of state, ministers, managers in state-owned enterprises etc. For more detail on PEPs please see Schedule 2(4) – in conjunction with s14(5) – of The Money Laundering Regulations 2007.