Politically Exposed Person (PEP) Weekly Digest – Volume 107

107th PEP Weekly Digest:

Introducing the 107th edition of The PEP Weekly Digest, where we present to you the most recent updates and news on the global political stage.

Recent and upcoming elections in eight nations are scheduled between June 1, 2025, and August 23, 2025, influencing the worldwide political landscape. These elections hold significant importance, as they will determine the direction and governance of each respective country’s future.

Seyed Ali Madani-Zadeh Appointed Iran’s New Finance Minister After Parliamentary Approval

One noteworthy event has occurred in Iran, Iranian lawmakers approved Seyed Ali Madani-Zadeh as the country’s new Minister of Finance and Economic Affairs, making him the second person to hold the post in President Masoud Pezeshkian’s administration.

During the open session of parliament on June 16, 2025, Madani-Zadeh received 171 votes in favor, 67 against, and eight abstentions out of 246 lawmakers present.

He succeeds Abdolnasser Hemmati, who was dismissed by parliament through an impeachment vote on March 2.

President Pezeshkian formally nominated Madani-Zadeh for the role on June 1. Born in 1982, Madani-Zadeh is an economist and associate professor at Sharif University of Technology, where he currently heads the School of Management and Economics. He earned a bronze medal at the International Mathematics Olympiad 25 years ago.

Anutin Charnvirakul Resigns as Deputy Prime Minister, Interior Minister After Bhumjaithai Party Quits Coalition Over Cambodia Call Controversy

Shifting our focus to Thailand, Bhumjaithai Party leader Anutin Charnvirakul has submitted his resignation as Deputy Prime Minister and Interior Minister following his party’s withdrawal from the government coalition.

Anutin tendered his resignation letter to Prime Minister Paetongtarn Shinawatra, stating his intention to step down from all appointed or assigned positions.

The letter read:

“In accordance with the royal command appointing me as Deputy Prime Minister and Minister of the Interior on September 3, 2024, I hereby submit my resignation from these posts, as well as from all other positions I have been appointed to or assigned, effective from June 19, 2025.”

Bhumjaithai Party announced its decision to leave the coalition government, citing the controversial phone conversation between Paetongtarn and Cambodian Senate President Hun Sen.

Rafizi Ramli Resigns as Economy Minister After Party Defeat

In Malaysia, Former Malaysian Economy Minister Rafizi Ramli has made good on his promise to quit his position after losing his role as Deputy President in a recent party election, formally resigning on Jun. 16.

He is set to be followed by Natural Resources and Environmental Stability Minister Nik Nazmi Nik Ahmad, whose last day will be Jul. 3. Rafizi will remain a member of parliament and has indicated that he plans to remain politically active, revealing that he will launch a tell-all podcast starting this upcoming Friday, Jun. 20.

Swiss Bank Pictet Fined $2.5M for AML Failures as Regulators Crack Down on Compliance Lapses

In the realm of regulatory affairs, Swiss bank Pictet, one of the world’s oldest and most prestigious private banks, has been fined $2.5 million for failing to adequately prevent money laundering activities. This penalty, imposed by Swiss financial regulators, underscores the growing scrutiny on global financial institutions to uphold stringent anti-money laundering (AML) standards. The case highlights persistent vulnerabilities in compliance frameworks and raises critical questions about the effectiveness of regulatory oversight in the banking sector.

Pictet Group, founded in 1805, has long been synonymous with discretion, wealth management, and private banking excellence. However, the recent fine reveals cracks in its compliance systems, particularly concerning the identification and reporting of suspicious transactions. The Swiss Financial Market Supervisory Authority (FINMA) conducted an extensive investigation into Pictet’s AML controls, concluding that the bank had failed to implement adequate measures to detect and prevent illicit financial flows.

Switzerland’s reputation as a global financial hub has been challenged repeatedly by money laundering scandals, prompting regulators to intensify enforcement. The Pictet case is emblematic of a broader push to align Swiss banking practices with international AML standards set by bodies such as the Financial Action Task Force (FATF).

Former French PM François Fillon Convicted in Corruption Case, Receives Suspended Sentence of four years, Fine, and Public Office Ban

Shifting our attention to France, the esteemed former Prime Minister of France, François Fillon, has been officially convicted by the Paris Court of Appeal in a high-profile corruption case. The court handed down a sentence of four years of suspended imprisonment, imposed a fine of 375,000 Euros, and enacted a five-year ban from holding public office.

Furthermore, the judiciary ordered Fillon to compensate the National Assembly with approximately 126,000 Euros in damages, highlighting the gravity of the misconduct involved.

The scandal erupted during the 2017 presidential race when investigative magazine Le Canard Enchaine exposed allegations of financial improprieties against Fillon. It was alleged that his wife and children had received salaries as advisors without performing any real work, a scheme that raised serious questions about abuse of public funds.

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