Politically Exposed Person (PEP) Weekly Digest – Volume 109

109th PEP Weekly Digest:

Introducing the 109th 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 influence the worldwide political landscape in eight nations, slated between Jun 03, 2025 and Aug 29, 2025. These elections hold significant importance, as they will determine the direction and governance of each respective country’s future.

Colombian Foreign Minister Laura Sarabia Resigns Over Passport Printing Dispute

One noteworthy event has occurred in Colombia, Foreign Minister Laura Sarabia announced her resignation, amid a row engulfing President Gustavo Petro’s government over the printing of national passports.

Sarabia had expressed dissatisfaction with the government’s decision to alter a previous passport printing agreement.

“In the last few days, decisions have been made that I do not agree with,” Sarabia wrote in a post on X, adding that she had decided to resign out of “personal integrity and institutional respect.”

Sarabia, who had previously served as Petro’s chief of staff, was named the South American country’s top diplomat by the leftist president in January.

Gambia’s Foreign Minister Mamadou Tangara Resigns to Take Up AU Role in Mali

Shifting our focus to Gambia, Foreign affairs minister Mamadou Tangara has tendered his resignation after being confirmed for a new role at the African Union, APA learnt.

Tangara was the Minister for Foreign Affairs, International Cooperation and Gambians Abroad, since 2018, a year after Adama Barrow came to power.

A statement from State House in Banjul said President Barrow has accepted Tangara’s resignation and thanked him for his dedication and professional service.

He is poised to take up a new job as the African Union Commission Special Representative of the Chairperson of the Commission in Mali and the Sahel and Head of MISAHEL Office in Bamako, Mali.

Stephen Jones Appointed Australia’s Ambassador to OECD in Paris

In Australia, Former Labor frontbencher and union secretary Stephen Jones has been appointed Australia’s ambassador and permanent representative to the Organisation for Economic Co-operation and Development in Paris.

Jones retired from federal politics at the May 3 election after three years as assistant treasurer and 15 years representing the seats of Throsby and Whitlam on the NSW South Coast.

The OECD is an international economic body of wealthy countries that sets international economic rules, produces research and provides policy advice.

Jones is expected to focus on the OECD’s push to work on the tax challenges arising from the digitisation of the economy and to develop global standards on the adoption and implementation of artificial intelligence.

UOB Fined S$5.6 Million for AML Breaches, but Strong Fundamentals Signal Limited Impact

In the realm of regulatory affairs, the Monetary Authority of Singapore’s (MAS) S$5.6 million penalty on United Overseas Bank (UOB) for anti-money laundering (AML) and countering the financing of terrorism (CFT) breaches has sparked scrutiny over the bank’s compliance culture. Yet, an examination of UOB’s remediation efforts, its peer comparisons, and Singapore’s regulatory landscape suggests this penalty is a speed bump—not a roadblock—for a bank with robust capital, disciplined risk management, and a strategic focus on ASEAN growth. For investors, UOB’s shares, trading at a discount to book value, may present an opportunity to buy into a regional banking powerhouse at a favorable price.

MAS penalized UOB for lapses in four key areas: inadequate customer risk assessments, failure to verify the source of wealth for high-risk clients, insufficient transaction monitoring, and delayed follow-up on suspicious transactions flagged to regulators. While the S$5.6 million penalty is the second-highest among Singapore’s banks in this MAS crackdown, it is dwarfed by the S$29.1 million total penalties imposed in the 2017 1MDB case. Crucially, UOB has already implemented remediation measures, including advanced data analytics tools, staff retraining, and stricter customer due diligence protocols. These steps, coupled with the bank’s strong capital buffer—a Common Equity Tier 1 (CET1) ratio of 15.2%—suggest the financial impact is limited.

Ex-Russian Deputy Defence Minister Timur Ivanov Jailed for 13 Years in Major Corruption Case

Shifting our attention to Russia, Former deputy defence minister Timur Ivanov was found guilty of corruption and condemned to 13 years in a penal colony on Tuesday, the harshest sentence yet in a series of graft cases against defence officials.

Ivanov was arrested in April 2024 on suspicion of taking bribes, and investigators added new embezzlement charges in October. More than a dozen people, including two other former deputy ministers, have been arrested in investigations into separate cases.

The trial was closed on grounds of state secrecy. Anton Filatov, a former logistics company boss on trial with Ivanov, received a 12-1/2 year sentence.

State media reported that the total sum embezzled was 4.1 billion roubles ($48.8 million), mostly in the form of bank transfers to two foreign accounts.

Ivanov, who pleaded not guilty, was stripped of all state awards and the court confiscated 2.5 billion roubles worth of property, cars and cash from him.

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