Politically Exposed Person (PEP) Weekly Digest – Volume 56

Introducing the 56th 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 June 28, 2024 and July 28, 2024. These elections hold significant importance, as they will determine the direction and governance of each respective country’s future.

One noteworthy event has occurred in Australia, Selwyn Button (PwC Indigenous Consulting) and Barry Sterland (KPMG) have been appointed as commissioners at economic government advisory the Productivity Commission. Commencing their five-year terms in July, Sterland and Button join among others former PwC partner Martin Stokie and deputy chair Alex Robson as full-time commissioners, the latter who was an associate partner at Ernst & Young. Established in 1998, the Productivity Commission serves as the Australian government’s principal independent research and advisory body on economic policy and regulatory matters including as to their social and environmental dimensions. A Gungarri man from Southwest Queensland, Button has most recently been the co-owner and Brisbane managing director of PwC’s Indigenous Consulting, with reports the Big Four firm’s stake in the business is presently up for grabs. He brings particular expertise in First Nations health and education, including through a number of high-level roles within the state public sector.

Shifting our focus to Ireland, Jack Chambers has been approved by a majority of TDs to become the next Minister for Finance. The 33-year-old Dublin politician will take over from his party colleague Michael McGrath, who is named as the State’s EU Commissioner nominee. Mr McGrath’s replacement was chosen by the Fianna Fáil under the agreement between the three parties forming the Coalition Government. Speaking in the Dáil ahead of a vote on Mr Chambers’ appointment, Sinn Féin leader Mary Lou McDonald said her party would be voting against because it believes the country “is ready for something new, not simply a reshuffle of personnel”. Mr Chambers’ appointment was approved by 86 votes for to 60 votes against. Mr Chambers will officially become Minister for Finance when he receives his seal of office from the President of Ireland later on Wednesday. The 33-year-old will be the State’s youngest finance minister since revolutionary Michael Collins held the role during the War of Independence. Mr Chambers, who was first elected to the Dáil in 2016, studied medicine at the Royal College of Surgeons of Ireland and holds a degree in law and political science from Trinity College. He has served as a junior minister across five departments and spent two years as Government chief whip.

In Luxembourg, Bausch announced Tuesday he is making way for Djuna Bernard. Bernard was the youngest MP ever to sit in the Chamber of Deputies between 2018 and 2023, at just 26 years old, but lost her seat following the elections. François Bausch is 67 years old and was responsible for mobility, internal security and defense for 10 years. Between 2019 and 2023 he was also Deputy Prime Minister in the blue-red-green government under Xavier Bettel. Bausch will retire from politics and spend more time with his family, the press release reads.

In the realm of regulatory affairs, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) announced a proposed rule to strengthen and modernize financial institutions’ anti-money laundering and countering the financing of terrorism (AML/CFT) programs. While financial institutions have long maintained AML/CFT programs under existing regulations, this proposed rule would amend those regulations to explicitly require that such programs be effective, risk-based, and reasonably designed, enabling financial institutions to focus their resources and attention in a manner consistent with their risk profiles. Effective, risk-based, and reasonably designed AML/CFT programs are critical for protecting national security and the integrity of the U.S. financial system. The proposed amendments are based on changes to the Bank Secrecy Act (BSA) as enacted by the Anti-Money Laundering Act of 2020 (AML Act) and are a key component of Treasury’s objective of building a more effective and risk-based AML/CFT regulatory and supervisory regime.

Shifting our attention to legal advancements, a federal judge in Chicago on Monday sentenced former city alderman Edward Burke, the longest-serving alderperson in Chicago history, to two years in prison after he was found guilty of racketeering, bribery and extortion. The sentence is a mixed bag for prosecutors, who initially sought a 10-year sentence, and the 80-year-old Burke, who wanted home confinement. U.S. District Judge Virginia Kendall also fined Burke, a Democrat, $2 million.