20200825 Busy Bees or Busy Work?

This week saw the publication of a notice by several US Federal Regulators and Agencies about dealing with Politically Exposed Persons. It′s facile in the extreme and, worse, appears to say that the USA is open for business; that those who have benefited from corruption are welcome to send their money to US Banks which are not required to take special care in relation to such persons. Even more, domestic corrupt persons need not worry because the protocols don′t apply to them at all.

It′s an absolutely bizarre notice. You can read it here:

https://www.fincen.gov/sites/default/files/shared/PEP%20Interagency%20Statement_FINAL%20508.pdf

Here′s a bit of free advice: if you launder money you are a criminal and the fact that a regulator said you don′t need to identify politically exposed persons, much less perform so-called enhanced due diligence on them, doesn′t mean you don′t get prosecuted if you actually launder their criminally derived assets.