Politically exposed foreign person

Politically Exposed Foreign Person (PEFP) is a term used by Bill C-25, a regulation instilled to update the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. The term is similar to a politically exposed person (PEP) as defined by other countries in the world.

As stated in the bill itself -

"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"

Essentially the term is designed to instruct the banking industry and affiliates to identify all persons who meet this definition, and monitor their activities.

http://www2.parl.gc.ca/content/hoc/Bills/391/Government/C-25/C-25_1/C-25_1.PDF

http://www.worldcompliance.com/PEPs.htm

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