Politically Exposed Person (PEP) Weekly Digest – Volume 69

69th PEP Weekly Digest:

Introducing the 69th 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 Sep 20, 2024 and Oct 13, 2024. These elections hold significant importance, as they will determine the direction and governance of each respective country’s future.

Ecuador Appoints New Tourism Minister

One noteworthy event has occurred in Ecuador, President Daniel Noboa has appointed Mateo Julián Estrella Durán as the new Minister of Tourism of Ecuador. Estrella Durán brings extensive experience in tourism management, international relations, and sustainable development, highlighting a commitment to enhancing Ecuador’s position as a top global destination. Prior to this, he was an advisor at the Ministry of Tourism playing a pivotal role as a key advisor, driving strategies that significantly boosted Ecuador’s visibility in international markets. In addition, he has also led the Ecuadorian Association of Eco-Tourism and Adventure Travel, advocating eco-friendly practices and community partnerships for more inclusive economic growth.

India’s New Ambassador to Morocco

Shifting our focus to India, Sanjay Rana has been appointed as the next Ambassador of India to the Kingdom of Morocco, a statement by the Ministry of External Affairs said. The 1996 batch Indian Foreign Service officer is presently the Ambassador of India to Bulgaria, the statement said on Wednesday. Rana is expected to take up the assignment shortly. He will replace Rajesh Vaishnaw. Meanwhile, Ravindra Prasad Jaiswal has been appointed as India’s next Ambassador to the Republic of Albania, the Ministry of External Affairs said. Jaiswal, an Indian Foreign Service officer of batch 1999, presently serves as Joint Secretary in the Ministry, MEA said. He is expected to take up the assignment shortly. India and Albania established diplomatic relations in 1956. Meanwhile, V Venkataraman has been appointed as the next Ambassador of India to the Democratic Republic of Congo. Rohitkumar R Vadhwana, IFS officer of batch 2010, who is presently the Deputy High Commissioner of India in Nairobi has been appointed as the next Ambassador of India to Bolivia.

Sri Lanka’s PM Dinesh Gunawardena Resigns

In Sri Lanka, Prime Minister Dinesh Gunawardena has resigned, according to his post on the social media platform “X” (formerly Twitter) on Monday. Gunawardena said that as the ninth Executive President of Sri Lanka has been elected in the presidential election held on Sept. 21, he will resign from his position in accordance with Article 47 (2) of the Constitution of the Socialist Republic of Sri Lanka

OCC Takes Enforcement Action Against Bank on AML Deficiencies

In the realm of regulatory affairs, the OCC recently entered into a Formal Agreement with a large national bank to address deficiencies in the bank’s financial crimes risk management practices and anti-money laundering internal controls. The Formal Agreement requires the bank to take corrective actions, including:

• maintaining a Compliance Committee of independent members of the Board of Directors

• creating an action plan that enhances the bank’s current practices to comply with the Bank Secrecy Act, Anti-Money Laundering laws, and OFAC Sanctions

• developing a program to assess and mitigate the BSA/AML and OFAC Sanctions risks of new products, services, or geographic markets

• enhancing its customer due diligence program to ensure the effective collection and analysis of customer information by all business lines

• adopting an enhanced suspicious activity monitoring and reporting program to ensure the timely, appropriate, and effective identification of unusual activity

Ex-Senegal Minister Jailed on Embezzlement Charges

Shifting our attention to legal advancements, a minister in Senegal’s former government has been jailed on charges of extortion, embezzlement and money laundering during his previous role as head of the national lottery, his lawyer told AFP Friday. Lat Diop headed the national lottery from 2020 and then served as sports minister from 2023 to 2024 under ex-president Macky Sall. He is the first former government minister to be detained under the new authorities, who took office in April.

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