Politically Exposed Person (PEP) Weekly Digest – Volume 59

PEP Weekly Digest 59

Introducing the 59th edition of The PEP Weekly Digest, where we present to you the most recent updates and news on the global political stage.

Recent and upcoming elections influence the worldwide political landscape in eight nations, slated between June 30, 2024 and Sep 01, 2024. These elections hold significant importance, as they will determine the direction and governance of each respective country’s future.

One noteworthy event has occurred in Estonia, Kaja Kallas has officially resigned as Estonia’s prime minister to become the European Union’s foreign policy chief later this year. Kallas — the Baltic nation’s first female PM — handed in her formal resignation to President Alar Karis on Monday during a brief meeting at the Presidential Palace in the country’s capital, Tallinn. Under Kallas, 47, Estonia has been one of Europe’s most vocal backers of Ukraine following the full-scale Russian invasion in February 2022. She has been at the helm of the nation, with a population of 1.3 million, for three and a half years.

In a tribute to the politician, Alar Karis summed up her tenure by saying, “It has been a time full of crises, milestones (such as) the coronavirus, the economic recession and the war in Europe, when Russia destroyed our previous security picture with its aggression in Ukraine.” Her last main duty was representing Estonia at a NATO summit in Washington last week. In her new role, Kallas will replace Spain’s Josep Borrell, who has served as the EU High Representative for the Common Foreign and Security Policy since 2019.

Shifting our focus to France, Emmanuel Macron has officially accepted the resignation of his Prime minister Gabriel Attal on Tuesday evening. The 35-year-old, who has only been in the position since the start of the year, and his cabinet will remain in place during the upcoming Paris Olympics while a new head of government is nominated. The former prime minister and his cabinet will only be responsible as a caretaker government for ensuring the continuity of the state. In principle, no political measures can be taken during this interim period by the temporary government.

Although this situation may work during the transition phase, it will clearly pose a democratic problem if it lasts for a long time especially considering that negotiations for a replacement prime minister have been fraught with complications following France’s legislative elections.

In South Sudan, the newly appointed minister of finance and planning, Dr. Marial Dongrin Ater, officially assumed office on Monday in a reception ceremony organized by staff at the Ministry of finance premises in Juba. Dr. Marial was appointed last Wednesday in a presidential decree, replacing Eng. Awow Daniel Chuang, who has served for four months. Marial highlights steps his administration would undertake in liaison with the South Sudan Revenue Authority (SSRA) and the Bank of South Sudan (BOSS) towards economic reforms, saying the government will prioritize financial allocation to important sectors, including agriculture to stimulate domestic productivity, self-sufficiency, and economic growth. 

Dongrin pledges to exert endeavors to keep the public informed about policies regarding economic transformation and how best his administration and the South Sudan Revenue Authority (SSRA) can immediately formulate the policies aimed at improving revenue collection, with transparency and accountability.

In the realm of regulatory affairs, in the United States, four federal financial institution regulatory agencies requested comment on a proposal to update their requirements for supervised institutions to establish, implement, and maintain effective, risk-based, and reasonably designed anti-money laundering and countering the financing of terrorism (AML/CFT) programs. The amendments are intended to align with changes concurrently proposed by the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN), most of which result from the Anti-Money Laundering Act of 2020 (AML Act).

Shifting our attention to legal advancements, in Taiwan, the Supreme Court on Wednesday rejected an appeal by independent Taipei City Councilor Chen Cheng-chung, upholding the cumulative six-year prison sentence for violations of the Securities and Exchange Act issued by the High Court court. The High Court had sentenced Chen to four years in prison for manipulating the stock of Hongfu Construction, a property development company in which he was a founder and shareholder. The court also sentenced Chen to another two years of jail time for providing false or misleading information in a company prospectus that formed part of its application for approval for public offering.

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