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Appendix 1- Definition of PEP

Section 37 of the Criminal Justice (Money Laundering & Terrorist Financing) Act 2010 (CJA) as amended, requires Taxkey to identify Politically Exposed Persons, or any individual who is an immediate family member or a close associate of a Politically Exposed Person, prior to establishing a business relationship.

Politically exposed person means an individual who is or has at any time in the preceding 12 months been, entrusted with a prominent public function, including either of the following individuals (but not including any middle ranking or more junior official).

  1. a specified official;
  2. a member of the administrative, management or supervisory body of a state-owned enterprise or any individual performing a “prescribed” function or an immediate family member or close associate of such a person;

“specified official” means any of the following officials (including any such officials in an institution of the European Communities or an international body):

  1. a head of state, head of government, government minister or deputy or assistant government minister;
  2. a member of a parliament or of a similar legislative body;
  3. a member of the governing body of a political party;
  4. a member of a supreme court, constitutional court or other high-level judicial body whose decisions, other than in exceptional circumstances, are not subject to further appeal;
  5. a member of a court of auditors or of the board of a central bank;
  6. an ambassador, chargé d’affairs or high-ranking officer in the armed forces;
  7. a director, deputy director or member of the board of, or person performing the equivalent function in relation to, an international organisation.

“immediate family member” of a politically exposed person includes any of the following persons:

  1. any spouse of the politically exposed person;
  2. any person who is considered to be equivalent to a spouse of the politically exposed person under the national or other law of the place where the person or politically exposed person resides;
  3. any child of the politically exposed person;
  4. any spouse of a child of the politically exposed person;
  5. any person considered to be equivalent to a spouse of a child of the politically exposed person under the national or other law of the place where the person or child resides;
  6. any parent of the politically exposed person;
  7. any other family member of the politically exposed person who is of a prescribed class;

“close associate” of a politically exposed person includes any of the following persons:

  1. any individual who has joint beneficial ownership of a legal entity or legal arrangement, or any other close business relations, with the politically exposed person;
  2. any individual who has sole beneficial ownership of a legal entity or legal arrangement set up for the actual benefit of the politically exposed person;