Corruption, Development, Financial Institutions and Politically Exposed Persons
The United Nations Millennium Declaration of 2000 was translated into a roadmap, setting out measurable goals such as the Millennium Development Goals (MDG) to be achieved by 2015. The first goal was to eradicate extreme poverty and hunger by reducing “by half the proportion of people whose income is less than $1 a day”, achieving “full and productive employment and decent work for all, including women and young people”, and reducing “by half the proportion of people who suffer from hunger”. Due to lack of progress towards the goal set by the MDG the target date for the elimination of poverty was extended to 2030 by the UN Sustainable Development Goals in 2015. Development, seen as a key factor for poverty eradication, is marred by corruption on the part of the bureaucratic and political elite (often termed politically exposed persons or PEPS). This chapter examines the links between development, corruption and money laundering and the measures adopted to prevent money laundering by the PEPS.