The Central Bank of Uruguay has issued an official list of politically-connected individuals to aid banks and law enforcement in due diligence and criminal investigations, central bank officials confirmed. The list of Uruguayan politically-exposed persons, or PEPs, numbers more than 4,600 and goes beyond internationally-accepted definitions of "senior political figures" to include police commissioners, prosecutors, bailiffs, assistant managers, government inspectors and "semi-official" positions in government-run companies. The list is significant, not just for Uruguay, which has been trying for the past five years to shed its reputation as a bank secrecy haven, but because few, if any, countries, have cobbled...
A proposed Uruguayan law that would permit and regulate recreational marijuana use poses serious legal and regulatory questions for American banks doing business in the region, according to compliance officers and former U.S. attorneys.
Countries should require their political officials to publicly and verifiably disclose their assets and income in order to better combat bribery and embezzlement, the United Nations and World Bank said Wednesday.
A French money laundering and arms trafficking trial involving more than 40 politically-connected individuals and their wealthy associates may turn up damaging information about the private banking clients of major banks, say consultants.
Whether political figures like Augusto Pinochet require extra scrutiny from financial institutions that serve them long after they leave office may change in European Union nations under a 2004 AML directive expected to be implemented union-wide this year, according to analysts.