A ‘politically exposed person’ has to be a natural person and this broadly and generally includes all persons who fulfil a prominent public function, including (but not limited to):
a) Heads of State, Heads of Government, Ministers and Deputy and Assistant Ministers and Parliamentary Secretaries;
b) Members of Parliament;
c) Members of the Courts or of other high-level judicial bodies whose decisions are not subject to further appeal, except in exceptional circumstances;
d) Members of courts of auditors, Audit Committees or of the boards of central banks;
e) Ambassadors, charge d’affaires and other high ranking officers in the armed forces;
f) Members of the administration, management or boards of State-owned corporations;
and where applicable, for the purposes of (a) to (e), shall include positions held at the EU Community or international level.
The definition of PEPs also covers ‘immediate family members’ of PEPs, and includes:
(a) the spouse, or any partner recognised by national law as equivalent to the spouse;
(b) the children and their spouses or partners; and
(c) the parents.
It also covers ‘persons known to be close associates’, meaning:
(a) a natural person known to have:
(1) joint beneficial ownership of a body corporate or any other form of legal arrangement;
(2) or any other close business relations with that PEP.
(b) a natural person who has sole beneficial ownership of a body corporate or any other form of legal arrangement that is known to have been established for the benefit of that PEP.
A person is deemed to be caught under the PEP definition during his/her term of office and for up to 12 months after ceasing to hold such office.
The PEP declaration is made in the light of Directive 2005/60/EC of the European Parliament and of the Council of 26 October 2005 on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing and under the applicable laws and regulations in Malta.
a) Heads of State, Heads of Government, Ministers and Deputy and Assistant Ministers and Parliamentary Secretaries;
b) Members of Parliament;
c) Members of the Courts or of other high-level judicial bodies whose decisions are not subject to further appeal, except in exceptional circumstances;
d) Members of courts of auditors, Audit Committees or of the boards of central banks;
e) Ambassadors, charge d’affaires and other high ranking officers in the armed forces;
f) Members of the administration, management or boards of State-owned corporations;
and where applicable, for the purposes of (a) to (e), shall include positions held at the EU Community or international level.
The definition of PEPs also covers ‘immediate family members’ of PEPs, and includes:
(a) the spouse, or any partner recognised by national law as equivalent to the spouse;
(b) the children and their spouses or partners; and
(c) the parents.
It also covers ‘persons known to be close associates’, meaning:
(a) a natural person known to have:
(1) joint beneficial ownership of a body corporate or any other form of legal arrangement;
(2) or any other close business relations with that PEP.
(b) a natural person who has sole beneficial ownership of a body corporate or any other form of legal arrangement that is known to have been established for the benefit of that PEP.
A person is deemed to be caught under the PEP definition during his/her term of office and for up to 12 months after ceasing to hold such office.
The PEP declaration is made in the light of Directive 2005/60/EC of the European Parliament and of the Council of 26 October 2005 on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing and under the applicable laws and regulations in Malta.