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KPMG’s China Practice in Central and Eastern Europe (CEE) aims to support Chinese companies seeking to invest or operate in the region, as well as CEE-based companies with an interest in investing and doing business with China

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Our Sports Advisory Practice in Budapest was established to address the specific needs of clients active in the industry. We have a sound understanding of the specific and relevant markets and a dedicated team of professionals serving our clients’ needs.
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Service: Advisory, Forensic
Type: Publication series
Date: 2/27/2012

The Future of AML? - FATF updates its Recommendations

Our article of the month summarizes the new recommendations of the Financial Action Task Force to combat money laundering. Of particular interest to this forum is the recommendation to extend the definition of a “Politically Exposed Person” (PEP) to include domestic PEPs as opposed to the former definition that only considered foreign PEPs.

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The Future of AML? - FATF updates its Recommendations (PDF, 130KB)

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In addition the definition now also considers those “entrusted with a prominent function by an international organisation“ to be PEPs, and the definition extends to family or close associates of a PEP. These recommendations are clearly aimed at making it more difficult for corrupt politicians to bank their ill-gotten gains.

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KPMG International Cooperative ("KPMG International") is a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-a-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.

China Practice

Sports Advisory

Banking Executive Survey 2012

RADAR Newsletter

Details

The Future of AML? - FATF updates its Recommendations