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PEP

The position relating to PEPs has always been complex but Unexplained Wealth Orders are about to take that complexity to a level previously unthought of.

The Solicitors' Regulatory Authority which regulates solicitors in England and Wales has begun proceedings against a partner of one of the bluest of blue chip firms in London alleging that he failed to undertake adequate due diligence for money laundering risk purposes when taking on two young women as clients. To be clear: this is a prosecution by the Solicitors' Regulatory Authority, not the police. It is a criminal prosecution for failing to comply with the Money Laundering Regulations. This is big stuff.

Last month (see here) LEE Jae-Yong, officially number two at Samsung Electronics Co Ltd but, due to his father's infirmity, the de facto boss was questioned by police in connection with the alleged bribing of South Korean President PARK Guen-Hye. Prosecutors sought an order for an arrest warrant from a Seoul court but the court refused. However, that decision has been overturned on appeal and, in separate proceedings, the President has been suspended. Now LEE is held on remand in case he runs away or tampers with evidence.

BIScom Subsection: 

As Yahya Jammeh flies out of The Gambia in an chartered aircraft, the poverty-stricken nation looks forward to an improving economy and a a fairer division of the country's wealth. While no one is suggesting Abacha levels of money have been expatriated, there will be those who will want to ensure that there has not been large-scale plunder. But will a deal with the UN, the The United Nations, the Economic Community of West African States (ECOWAS) and the African Union (AU) given him and his family and associates a free pass? Not entirely and FCROs should be on the lookout for money, including that moving in a direction that might not be expected.

Yesterday morning, the Vice Chairman of a Samsung Group company (and generally considered the de facto chairman of the Group) arrived at the office of the prosecutor investigating a political scandal that is swamping President PARK Guen-Hye and her associates. The investigation is rippling out across Korea's rich, famous and powerful and, in the case of Samsung, is looking at how apparently "good" money may turn out to have been "bad." Can FCROs identify which is which?

Indonesian authorities are mounting a global manhunt for Muhammad Nazaruddin after he fled the country via Singapore.

hahagotcha