Politically Exposed Person (PEP) Weekly Digest – Volume 94

94th PEP Weekly Digest:

Introducing the 94th 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 Mar 04, 2025 and May 04, 2025. These elections hold significant importance, as they will determine the direction and governance of each respective country’s future.

Stuart Young Sworn in as Prime Minister of Trinidad and Tobago, Succeeding Keith Rowley

One noteworthy event has occurred in Trinidad and Tobago, Stuart Young was sworn in as the new prime minister of Trinidad and Tobago at the President’s House, succeeding Keith Rowley, who had previously resigned. Young took the oath of office in the presence of President Christine Kangaloo. He pledged to work toward building a safer nation and called on all citizens to unite in facing challenges. His first initiative after assuming office will be a Cabinet reshuffle.

Young, 50, previously served as minister of energy and energy industries, and minister in the Office of the Prime Minister. Like Rowley, he is a member of the People’s National Movement (PNM).

Steve Feinberg Sworn in as 36th Deputy Secretary of Defense Following Senate Confirmation

Shifting our focus to United States, Steve Feinberg was sworn in as the 36th Deputy Secretary of Defense on March 17 after the Senate confirmed his nomination earlier this month.

Senators voted 59-40 in favor of Feinberg, President Donald Trump’s pick to be the Department of Defense’s second-in-command under Secretary of Defense Pete Hegseth. In this role, he will serve as the chief operating office. He will be responsible for overseeing the day-to-day management of the Department and executing Secretary Hegseth’s strategic priorities.

Feinberg is a seasoned executive and founder of Cerberus Capital Management, a global investment firm focused on the U.S. defense industry. From 2018 to 2021, he served as Chairman of the President’s Intelligence Advisory Board.

Somalia’s Prime Minister Hamza Abdi Barre Appoints Jibril Abdirashid Haji Abdi as New Defense Minister Amid Al-Shabaab Attacks

In Somalia, Prime Minister Hamza Abdi Barre made several changes in the government and named Jibril Abdirashid Haji Abdi, who previously served as minister of commerce and industry, the new defense minister, according to a statement issued by the prime minister’s office.

The government changes reportedly come amid Somalia’s recent challenges in containing an offensive by Al-Shabaab* terrorists.

Somali President Hassan Sheikh Mohamud’s convoy was reportedly attacked by Al-Shabaab on its way to Mogadishu airport. While the president was unharmed, at least one person died and three others were injured. Earlier in March, an Al-Shabaab terrorist attack in Somalia targeted the Qaahira Hotel in Beledweyne city in the southern Hirshabelle state, killing at least 10 people, reports said.

FINRA Fines Tigress Financial Partners $100,000 for Anti-Money Laundering Failures and Compliance Breaches

In the realm of regulatory affairs, FINRA has fined Tigress Financial Partners $100,000 for anti-money laundering (AML) failures and other compliance breaches. The New York-based broker-dealer also failed to inform buyers about price variances for certain securities relative to their “prevailing market value.”

Between January 2018 and March 2022, Tigress onboarded hundreds of customers from high-risk jurisdictions without proper vetting. It then neglected to conduct adequate due diligence, according to FINRA. One foreign customer, whom Tigress failed to screen properly, used their account to carry out “numerous offsetting transactions.” These transactions aimed solely to convert Argentinian pesos into U.S. dollars.

Another customer opened an account with a $700,000 wire transfer from an offshore insurance company. They later sent $500,000 to an insurance firm in a jurisdiction known for financial secrecy. Over the next three months, they withdrew $80,000 in cash from ATMs in a third jurisdiction.

Former President Mikheil Saakashvili Sentenced to Additional Prison of four-and-a-half years behind bars for illegally crossing the border

Shifting our attention to Georgia, a court in Georgia has handed a further prison sentence to the jailed former president, Mikheil Saakashvili. Saakashvili was sentenced to four-and-a-half years behind bars for illegally crossing the border when returning to the country from exile in 2021, his lawyer said. He is already serving concurrent terms for embezzlement and abuse of power while in office, bringing his total sentence to more than 12 years.

Saakashvili has always denied wrongdoing and called his latest sentence “illegal” and “unjust”. Rights groups say his imprisonment is politically motivated. Saakashvili opposes the governing Georgian Dream party, which favours closer ties with Russia. As president, he sought to forge closer relations with Western governments. In a video posted on X from the hospital where he is being held, Saakashvili said: “No matter what, I will fight to the end.”

The former president was sentenced last week to nine years behind bars for embezzlement, running alongside the jail term he had already been serving. In 2018, he was tried in absentia and sentenced in two separate trials.

Read about the product: Data Asset Builder

Empower your organization with ZIGRAM’s integrated RegTech solutions – Book a Demo