By Martin Coyle
LONDON, March 1 (Complinet) – An international financial crime watchdog has been urged not to relax its stance on monitoring political officials in the light of the desperate scramble to freeze the assets of deposed leaders in the Middle East and North Africa.
Global Witness, an anti-corruption pressure group, said it was “worrying” that the inter-governmental Financial Action Task Force, through a consultation exercise launched in October, was seeking to remove the need for banks to scrutinise family members and close associates of “politically exposed persons,” or PEPs. It added that recent events demonstrated that the regime needed to be tightened, not loosened. (more…)