Once A PEP, Not Always A PEP?

Jersey has aligned with international best practice in providing the ability to declassify politically exposed persons.

Politically exposed person

In Jersey, a politically exposed person (PEP) is an individual who is any of the following (within the meaning of Article 15A of the Money Laundering (Jersey) Order 2008 (MLO)):

• A domestic PEP
• A foreign PEP
• A prominent person
• An immediate family member or close associate of the above

The Financial Action Task Force (FATF) Recommendations define a PEP as being someone who has been (but may no longer be) entrusted with a prominent public function. FATF guidance confirms this as an open-ended approach (that is to say, "once a PEP - could always remain a PEP"), and indicates that declassification should be based on an assessment of risk and not solely on prescribed time limits. The approach to PEP declassification varies by jurisdiction.