October 12, 2016
The U.K.’s Treasury is considering tagging senior managers at international sporting federations as politically-exposed persons, a move that would give compliance officers a clearer path for tackling the risks of money laundering and corruption associated with these institutions.
“Sporting federations deal with governments, with the public trust and with significant amounts of money…so classifying them as PEPs would give banks and other financial institutions the means to correctly assess the risk and detect when unusual payments are being made,” said Judy Krieg, a partner at Sheperd and Wedderburn LLP in London.