Money Laundering Regulations

Politically exposed persons definition 

Politically exposed persons are individuals who work or have worked with important public functions, their families s and persons publicly known to be close associates of individuals acting in an important public functions.

Natural persons, which are entrusted, for the purposes of the present law, with prominent public functions are:

a)Heads of state, heads of government, members of parliament, European commissioners, members of government, presidential councilors, state councilors, state secretaries;

b)Members of constitutional courts, members of supreme courts, as well as members of the courts whose decisions are not subject to further appeal, except in exceptional circumstances;

c)Members of account courts or similar bodies, members of the boards of central banks;

d)Ambassadors, charges d’affaires and high-ranking officers in the armed forces;

e)Managers of the public institutions and authorities;

f)Members of the administrative, supervisory and management bodies of State-owned enterprises.

 

None of the categories set out in points (a) to (f) of para (2) shall include middle ranking or more junior officials. The categories set out in points (a) to (e) of para (2) shall, where applicable, include positions at Community and international level.

 

Family members of the persons exercising important public functions are, in accordance
with this law are the spouse; the children and their spouses; the parents.

Persons publicly known as close associates of individuals acting in an important public functions are:

a) any natural person who is found to be the real beneficiary of a legal person or legal
entity together with any of the persons referred to in para. (2) or having any other privileged business relationship with such a person;

b) any natural person who is the only real beneficiary of a legal person or legal entity known as established for the benefit of any person referred to in para. (2). 

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