Politically Exposed Person (PEP) Weekly Digest – Volume 87

87th PEP Weekly Digest:

Introducing the 87th 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 Dec 29, 2024 and Feb 23, 2025. These elections hold significant importance, as they will determine the direction and governance of each respective country’s future.

Heritage Council Welcomes Appointment of Christopher O’Sullivan as Minister for Nature, Heritage, and Biodiversity

One noteworthy event has occurred in Ireland, the Heritage Council is welcoming the appointment of Christopher O’Sullivan TD, as Minister of State at the Department of Housing, Local Government and Heritage with special responsibility for nature, heritage, and biodiversity. Congratulating the new minister on the appointment, Chief Executive of the Heritage Council Virginia Teehan said: “On behalf of the Heritage Council, I would like to congratulate Minister O’Sullivan on his appointment as Minister of State for Nature, Heritage and Biodiversity. We are very much looking forward to working with him and his new colleagues at the Department of Housing, Local Government and Heritage to help advance heritage protection and access over future years.”

Serbia’s Prime Minister Resigns Amid Anti-Corruption Protests Following Deadly Train Station Roof Collapse

Shifting our focus to Serbia, Serbia’s prime minister has resigned after weeks of anti-corruption protests prompted by the deadly collapse of a train station roof in the northern city of Novi Sad last year. Miloš Vučević announced his resignation at a press conference, a decision he said he had made “in order to defuse tensions”. He said the mayor of Novi Sad would also be resigning.

“With this we fulfil the political demands of even the most extreme protesters,” Vučević said. Vučević, in his current post for less than a year, was mayor of Novi Sad for a decade until 2022, during which period a Chinese consortium began renovations on the main train station in Serbia’s second city. Nationwide protests began after 15 people were killed when part of the canopy roof came crashing down on 1 November, a disaster blamed on rampant corruption.

Odisha Government Appoints Former DGP Prakash Mishra as Advisor to Chief Minister

In India, the Odisha government has appointed former Director General of Odisha Police (DGP) Prakash Mishra as advisor to Chief Minister.

In a notification, issued, the General Administration and Public Grievance department said, “Prakash Mishra, retired IPS officer, has been appointed as the advisor to the Chief Minister,” Mishra has also been accorded the rank of Cabinet Minister, it added.

A 1977-batch IPS officer, Mishra held the post of the DGP from 2012 to 2014. Before his retirement, the Odisha cadre IPS officer had served as the Director General (DG) of Central Reserve Police Force (CRPF) from 2014 to 2016.

Following his retirement, Mishra joined the BJP ahead of the Lok Sabha and Assembly elections in the state in 2019. He also contested as BJP candidate from Cuttack Parliamentary constituency in 2019 elections but lost.

De Nederlandsche Bank Fines de Volksbank 20 Million Euros for Serious Regulatory Violations

In the realm of regulatory affairs, De Nederlandsche Bank (DNB) has imposed two administrative fines totaling 20 million euros on de Volksbank N.V. for serious regulatory violations, including failures in business operations and deficient anti-money laundering controls. The penalties, announced on Jan. 30, stem from prolonged and systemic non-compliance with Dutch financial laws, according to DNB. The central bank levied a 15 million euros fine for de Volksbank’s failure to ensure sound business operations and an additional 5 million euros fine for its deficient anti-money laundering measures.

DNB determined that between July 5, 2018, and Oct. 11, 2023, de Volksbank consistently failed to comply with the Financial Supervision Act. The law mandates that financial institutions maintain sound business operations by establishing clear governance structures, risk management frameworks, and reporting lines. The bank’s non-compliance was deemed “very serious and protracted,” according to DNB. The deficiencies encompassed credit and counterparty risk management, internal capital assessment models, risk controls for outsourcing, and internal governance structures. The European Central Bank (ECB), which supervises de Volksbank, requested that DNB initiate sanction proceedings.

Former US Senator Bob Menendez Sentenced to 11 Years for Bribery and Corruption

Shifting our attention to United States, Former US Sen. Bob Menendez was sentenced to 11 years in prison for accepting bribes of cash and gold bars and serving as an agent of Egypt as he sold influence to businessmen eager to exploit his political power.

The sentence caps a remarkable downfall for Menendez, who was convicted last July of enriching himself through a variety of corrupt acts. Prosecutors said that in exchange for the gold, thousands of dollars in cash and a luxury car, the Democrat tried to protect associates from criminal investigations, met with Egyptian intelligence officials and took steps to help that country access to millions of dollars in US military aid.

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