Politically Exposed Person (PEP) Weekly Digest – Volume 88

88th PEP Weekly Digest:

Introducing the 88th 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 Feb 02, 2025 and Mar 09, 2025. These elections hold significant importance, as they will determine the direction and governance of each respective country’s future.

Bart De Wever Sworn in as Belgium’s New Prime Minister

One noteworthy event has occurred in Belgium, Bart De Wever takes oath as the new Belgium PM. Bart De Wever took the oath, looking straight at King Philippe, the latest monarch of a royal house he so long had little but disdain for because it symbolised the old concept of Belgian unity.

The Prime Minister and leading ministers took the oath in Dutch and French while several others on the 15-member team from both sides of the linguistic divide stuck to their own language during a short ceremony at the Royal Palace. De Wever of the Flemish nationalist N-VA party succeeds Alexander De Croo, who has remained in office as a caretaker since the June elections in 2024. De Wever will join his fellow European Union leaders at a summit in Brussels.

Norway’s Finance Minister and Centre Party Resign Over EU Energy Policy Disagreement

Shifting our focus to Norway, Norway’s Finance Minister Trygve Slagsvold Vedum said that he and his eurosceptic Centre Party would resign from government due to a disagreement with coalition partner Labour over the adoption of European Union energy policies.

The Centre Party, in government since 2021, holds eight seats in Norway’s 20-person cabinet, including the finance minister, the defence minister and the minister of justice and public security, while Labour has the remaining 12 posts.

Labour, which has said Norway must maintain good relations with the EU given the threat of a trade war between Europe and the United States, could now rule alone in a minority government until elections in September. Labour wants EU outsider Norway to adopt union directives on renewable energy consumption, on energy performance in buildings and on increased overall energy efficiency, government ministers have said.

N Biren Singh Resigns as Manipur CM Amid BJP Discord and Ethnic Violence Fallout

In India, N Biren Singh resigned as Manipur’s chief minister, hours after a meeting with Union home minister Amit Shah that followed days of discord within the Bharatiya Janata Party’s (BJP) state unit and the threat of a no-confidence motion in the assembly, nearly 21 months after ethnic violence that has killed over 250 and displaced several thousands scorched the northeastern province.

Singh submitted his resignation to Manipur governor Ajay Kumar Bhalla in state capital Imphal a day before the state assembly was scheduled to convene for the budget session. He was accompanied by the BJP’s northeast in-charge Sambit Patra, state president A Sharda and 19 MLAs. Patra will remain in Imphal, where he will help hone in on the party’s pick as Singh’s successor.

The resignation came five days after the Supreme Court directed a central forensics lab for a report on leaked audio tapes that allegedly feature Singh and where he is purportedly heard saying the ethnic violence in the state was instigated at his insistence.

FinCEN Fines Brink’s Global Services USA $37 Million for Willful Violations of Anti-Money Laundering Laws

In the realm of regulatory affairs, the Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) assessed a $37,000,000 civil money penalty against Brink’s Global Services USA, Inc. (Brink’s) for willful violations of the Bank Secrecy Act (BSA), the primary U.S. anti-money laundering (AML) law that safeguards the financial system from illicit use, and its implementing regulations. As a result of Brink’s failures, hundreds of millions of dollars in bulk currency shipments were transmitted across the Southwest Border on behalf of high-risk entities—including a Mexican currency exchanger that later pleaded guilty to violating the BSA. This is FinCEN’s first enforcement action against an armored car company.

“For years, Brink’s moved large sums domestically and across the Southwest Border without required AML controls, exposing the U.S. financial system to a heightened risk of money laundering, including from narcotics trafficking and other illicit activity,” said FinCEN’s Director Andrea Gacki. “This enforcement action is an important reminder that FinCEN will take action against those who fail to do their part to safeguard our nation’s financial system.”

“For years, Brink’s moved large sums domestically and across the Southwest Border without required AML controls, exposing the U.S. financial system to a heightened risk of money laundering, including from narcotics trafficking and other illicit activity,” said FinCEN’s Director Andrea Gacki. “This enforcement action is an important reminder that FinCEN will take action against those who fail to do their part to safeguard our nation’s financial system.”

FinCEN appreciates the close collaboration with its partners from the U.S. Attorney’s Office for the Southern District of California on this matter.

Former Minister Krishnaiah Shetty Sentenced to Three Years in Bank Fraud Case

Shifting our attention to India, the Special Court for Elected Representatives has sentenced former minister Krishnaiah Shetty to three years in prison in a bank fraud case. The court found Shetty guilty, along with three others—MTV Reddy, Muniraju, and Srinivas—in the case. Earlier in the day, the court had declared the four accused as guilty. The quantum of punishment was announced in the evening. While sentencing Shetty to three years in jail, the court also granted him bail. Shetty’s lawyers have indicated that they will file an appeal against the verdict.

The court has granted him 30 days of bail to facilitate the appeal process. The case dates back to 2012 when Krishnaiah Shetty, owner of Balaji Krupa Enterprises, was accused of fraudulently obtaining a loan of Rs 7.17 crore from a bank. Shetty allegedly lured public sector employees by promising them housing loans in 1993. He created fake accounts in the names of several employees to secure the loan. It was further alleged that Rs 3.53 crore of the loan amount remains unpaid to date.

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