مجلة ريحان للنشر العلمي مجلة علمية، محكمة، شهرية، مفتوحة الوصول
Money laundering and corruption have a well-established connection. However, knowledge of the country’s anti-money laundering framework’s design and implementation—particularly with regard to institutional, legal, and implementation gaps—is necessary to comprehend how banks enable the money laundering of illicit proceeds of corruption from PEPs. The goal of the research is to comprehend how banks handle politically exposed persons (PEPs) so that they don’t participate in corrupt activities and contribute to a decrease in corruption overall. Its application, though, is largely ineffectual. The weakest component of the AML institutional and legislative structure is the regulators’ law enforcement agencies, which are generally ineffectual at discouraging PEPs from participating in corrupt practices. Its poor enforcement and capacity limitations have frequently made it an ineffectual anti-corruption instrument.
Although banks have strong procedures in place to combat money laundering in general, they are woefully inadequate when it comes to handling cash that have been laundered from PEPs. Anti-money laundering programs may prevent offenders from using their gains from crimes such as corruption. A well-executed anti-money laundering framework restricts the avenues by which illicit monies can be transferred, elevating the risk of crime and diminishing the motivation for unscrupulous behavior. The identification of barriers to Anti-Money Laundering provides advantages for standard-setters and policy makers to take into account while combating money laundering and the operations of anti-corruption (AC) organizations under the current PEP regimes.
Key words: Politically exposed persons ،Money laundering ، Banks، Corruption
Ibaa Ali lAGHA_ Jinan university , LEBANON, Phd Business Management Senior customer service representative – BANKMED
