“Global Anti-Money Laundering (AML) regulation of Political Exposed Persons (PEPs) has failed to deter the misuse of the financial system by corrupt PEPs. It is too easy for PEPs to conceal their identity and their beneficial ownership of companies. The solution is to ban all foreign PEPs from having bank accounts.”
Do you agree with this opinion? You must give reasons for your answer. In answering the question, you should discuss how 2 or more countries, including the United States of America, have dealt with PEPs under their AML laws.
Compulsory Source:
Kang, Sungyong (2018) Rethinking the Global Anti-money Laundering Regulations to Deter Corruption, International and Comparative Law Quarterly vol 67, July 2018, pp 695-720. Available https://ssrn.com/abstract=3430159
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