Proceeds of Crime (Money Laundering) and Terrorist Financing Act

Marginal note:Politically exposed foreign persons

• 9.3 (1) Every person or entity that is referred to in section 5 and that is prescribed shall determine, in the prescribed circumstances and in accordance with the regulations, whether it is dealing with a politically exposed foreign person.

• Marginal note:Measures

  (2) If the person or entity determines that it is dealing with a politically exposed foreign person, the person or entity shall obtain the approval of senior management in the prescribed circumstances and take prescribed measures.

• Definition of politically exposed foreign person

  (3) For the purposes of this section, politically exposed foreign person means a person who holds or has held one of the following offices or positions in or on behalf of a foreign state:

  • (a) head of state or head of government;

  • (b) member of the executive council of government or member of a legislature;

  • (c) deputy minister or equivalent rank;

  • (d) ambassador or attaché or counsellor of an ambassador;

  • (e) military officer with a rank of general or above;

  • (f) president of a state-owned company or a state-owned bank;

  • (g) head of a government agency;

  • (h) judge;

  • (i) leader or president of a political party represented in a legislature; or

  • (j) holder of any prescribed office or position.

  It includes any prescribed family member of such a person.