Rethinking the meaning of a politically exposed person to promote substantive compliance of the financial action task force standards

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dc.contributor.advisorMesthrie, Sapna
dc.contributor.advisorLouw, Michelle
dc.contributor.authorMashale, Nthabiseng Evenecias
dc.date.accessioned2025-09-10T08:01:39Z
dc.date.available2025-09-10T08:01:39Z
dc.date.issued2025
dc.date.updated2025-09-10T07:52:04Z
dc.description.abstractThis dissertation explores whether there is a need for a broader definition of Politically Exposed Persons (PEPs). It aims to enhance the understanding of PEPs to improve countries' abilities to substantially comply with the Financial Action Task Force (FATF) standards. The dissertation observes that the current definition of PEPs is deemed too narrow, thereby hindering substantial compliance with the FATF standards. It highlights the need to broaden the scope of PEPs beyond natural persons to encompass legal entities, similar to the EU model implemented in the UK. The paper presents a brief comparative analysis of the Anti-Money Laundering, Counter-Terrorism Financing, and financing of proliferation of weapons of mass destruction (AML/CTF) regimes of the FATF, South Africa, the EU, and the UK in relation to PEPs. It considers Recommendation 12 of the FATF, Mutual Evaluation Reports, domestic legislation of the respective jurisdictions, financial intelligence units' guidelines and international standard-setting bodies like Wolfsberg Group and Basel Committee on Banking Supervision and international instruments. The comparison reveals that the fundamental element of a PEP being a natural person is too restrictive, and thus ineffective in combatting ML/TF and hinders national efforts by countries like South Africa to promote substantive compliance with the FATF standards. Therefore, this paper suggests ways to respond to this and other challenges. It suggests that a broader definition of PEPs be adopted by the FATF on an international level and by South Africa, incorporating legal entities in the definition of PEPs to better comply with FATF AML/CTF standards.
dc.identifier.apacitationMashale, N. E. (2025). <i>Rethinking the meaning of a politically exposed person to promote substantive compliance of the financial action task force standards</i>. (). University of Cape Town ,Faculty of Law ,Department of Commercial Law. Retrieved from http://hdl.handle.net/11427/41740en_ZA
dc.identifier.chicagocitationMashale, Nthabiseng Evenecias. <i>"Rethinking the meaning of a politically exposed person to promote substantive compliance of the financial action task force standards."</i> ., University of Cape Town ,Faculty of Law ,Department of Commercial Law, 2025. http://hdl.handle.net/11427/41740en_ZA
dc.identifier.citationMashale, N.E. 2025. Rethinking the meaning of a politically exposed person to promote substantive compliance of the financial action task force standards. . University of Cape Town ,Faculty of Law ,Department of Commercial Law. http://hdl.handle.net/11427/41740en_ZA
dc.identifier.ris TY - Thesis / Dissertation AU - Mashale, Nthabiseng Evenecias AB - This dissertation explores whether there is a need for a broader definition of Politically Exposed Persons (PEPs). It aims to enhance the understanding of PEPs to improve countries' abilities to substantially comply with the Financial Action Task Force (FATF) standards. The dissertation observes that the current definition of PEPs is deemed too narrow, thereby hindering substantial compliance with the FATF standards. It highlights the need to broaden the scope of PEPs beyond natural persons to encompass legal entities, similar to the EU model implemented in the UK. The paper presents a brief comparative analysis of the Anti-Money Laundering, Counter-Terrorism Financing, and financing of proliferation of weapons of mass destruction (AML/CTF) regimes of the FATF, South Africa, the EU, and the UK in relation to PEPs. It considers Recommendation 12 of the FATF, Mutual Evaluation Reports, domestic legislation of the respective jurisdictions, financial intelligence units' guidelines and international standard-setting bodies like Wolfsberg Group and Basel Committee on Banking Supervision and international instruments. The comparison reveals that the fundamental element of a PEP being a natural person is too restrictive, and thus ineffective in combatting ML/TF and hinders national efforts by countries like South Africa to promote substantive compliance with the FATF standards. Therefore, this paper suggests ways to respond to this and other challenges. It suggests that a broader definition of PEPs be adopted by the FATF on an international level and by South Africa, incorporating legal entities in the definition of PEPs to better comply with FATF AML/CTF standards. DA - 2025 DB - OpenUCT DP - University of Cape Town KW - Policy exposed person KW - Financial action task force LK - https://open.uct.ac.za PB - University of Cape Town PY - 2025 T1 - Rethinking the meaning of a politically exposed person to promote substantive compliance of the financial action task force standards TI - Rethinking the meaning of a politically exposed person to promote substantive compliance of the financial action task force standards UR - http://hdl.handle.net/11427/41740 ER - en_ZA
dc.identifier.urihttp://hdl.handle.net/11427/41740
dc.identifier.vancouvercitationMashale NE. Rethinking the meaning of a politically exposed person to promote substantive compliance of the financial action task force standards. []. University of Cape Town ,Faculty of Law ,Department of Commercial Law, 2025 [cited yyyy month dd]. Available from: http://hdl.handle.net/11427/41740en_ZA
dc.language.isoen
dc.language.rfc3066eng
dc.publisher.departmentDepartment of Commercial Law
dc.publisher.facultyFaculty of Law
dc.publisher.institutionUniversity of Cape Town
dc.subjectPolicy exposed person
dc.subjectFinancial action task force
dc.titleRethinking the meaning of a politically exposed person to promote substantive compliance of the financial action task force standards
dc.typeThesis / Dissertation
dc.type.qualificationlevelMasters
dc.type.qualificationlevelMasters
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