Politically Exposed Person (PEP) Weekly Digest – Volume 76

76th PEP Weekly Digest:

Introducing the 76th 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 Nov 05, 2024 and Dec 31, 2024. These elections hold significant importance, as they will determine the direction and governance of each respective country’s future.

Botswana’s Vice President Named Finance Minister Amid Economic Challenges

One noteworthy event has occurred in Botswana, President, Duma Boko, has appointed Vice President Ndaba Gaolathe as finance minister, marking a pivotal start for his administration. Analysts attribute Boko’s surprise election victory to growing economic grievances, particularly among young Batswana, amid the country’s economic downturn. Gaolathe faces the urgent task of addressing Gaborone’s economic slowdown, with growth expected to dip to 1% this year due to decreased diamond production.

Acknowledging the country’s financial strain, Boko emphasized the significant challenge ahead, describing it as “choppy and turbulent waters.” In other key appointments, Boko named an opposition health minister and an independent lawmaker as deputy minister of agriculture. However, he has yet to name a new mining minister, a role that is considered critical given Botswana’s status as the world’s top diamond producer. Additional cabinet appointments are expected in the coming days.

Former B.C. Premier John Horgan Dies at 65

Shifting our focus to Canada, Former B.C. premier John Horgan has died at the age of 65, CBC News has confirmed. In June this year, Horgan told CBC that he had been diagnosed with cancer for a third time during a routine follow up appointment for his previous throat cancer. Horgan went on leave from his position as Canada’s ambassador to Germany at the time. He is survived by his wife, Ellie, and their two sons Evan and Nate.  

Key Moldovan Minister Resigns After Long Coming Under Fire

In Moldova, a key minister in Moldova, who headed pro-European President Maia Sandu’s re-election campaign and led talks for more than a year on gas supplies with Russia’s Gazprom, resigned after long being subjected to public criticism. Andrei Spinu stepped down as minister of infrastructure and regional development. He also quit as deputy head of Sandu’s Party of Action and Solidarity ahead of a parliamentary election next year, which could deny the president the assembly’s full support for her campaign to join the European Union.

FCA Fines Metro Bank £16M for Financial Crime Failings

In the realm of regulatory affairs, in United Kingdom, the FCA has fined Metro Bank PLC (Metro) £16,675,200. Between June 2016 and December 2020, Metro failed to have the right systems and controls to adequately monitor over 60m transactions, with a value of over £51bn, for money laundering risks. Metro automated the monitoring of customer transactions for potential financial crime in June 2016. However, its system did not work as intended. An error in how data was fed into the system meant transactions taking place on the same day an account was opened, and any further transactions until the account record was updated, were not monitored.

South Korean Court Finds Former Lawmaker Guilty of Misusing Funds

Shifting our attention to South Korea, Supreme Court handed a suspended prison sentence to a former lawmaker who was found guilty of embezzling funds while leading a group supporting Korean survivors of Japan’s wartime sexual slavery. Yoon Meehyang, who was also convicted of fraudulently receiving government subsidies and unlawfully collecting donations, didn’t attend the verdict, which confirmed a lower court’s sentence of a year and six months in prison, suspended for three years

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