GUERNSEY: WHEN DOES A PEP STOP BEING A PEP?

On 3rd December, the blog “I Hate Money Laundering” posted a comment on changes being made to Guernsey AML law.  The author comments on changes to the definition of what a politically exposed person (PEP) is, and when he/she stops being a PEP.  He says that under the 3rd and 4th EU AML Directives suggest a cut-off of 12 months after a PEP has ceased being in the office or position that gave rise to him/her being a PEP.  Guernsey, on the other hand, he says, appeared to take the position that once a PEP, always a PEP.  A new draft amending law would provide for 3 categories of PEP – domestic PEP, foreign PEP and IOPEP (who work for international organisations).  The rules for when they stop being a PEP would be –

  • For domestic PEP, 5 years after they leave their role; and
  • foreign PEP and IOPEP, 7 years after their leave their role, unless they are a higher-level PEP (e.g. head of state or head of their international organisation) or “have the power to direct the spending of significant sums” – is which case they remain a PEP.

https://ihatemoneylaundering.wordpress.com/author/ihatemoneylaundering/

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s