Politically Exposed Person (PEP) Weekly Digest – Volume 122

122nd PEP Weekly Digest:

Introducing the 122nd 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 Sep 28, 2025 and Oct 26, 2025. These elections hold significant importance, as they will determine the direction and governance of each respective country’s future.

Arthur Peter Mutharika Sworn In as Malawi’s Seventh President

One noteworthy event has occurred in Malawi, Arthur Peter Mutharika, the newly elected seventh president of Malawi, holds a Bible as he takes oath of office from the Chief Justice of the Malawi Supreme Court, Justice Rezine Mzikamanda shortly after his inauguration at the Kamuzu stadium in Blantyre, Malawi, October 4, 2025. Mutharika assumes leadership amid severe challenges, including food shortages, foreign exchange deficits, and fuel scarcity. He has pledged to tackle corruption decisively, targeting both politicians and public servants involved in malpractices.

Asheesh Pandey Appointed MD & CEO of Union Bank of India

Shifting our focus to India, Asheesh Pandey assumed charge as Managing Director and CEO of Union Bank of India.

A banker with over 27 years of experience, Pandey began his career at the Industrial Finance Branch of the erstwhile Corporation Bank in Mumbai, later moving to the Investment and International Banking Division in the city.

Prior to this appointment, he served as Executive Director at Bank of Maharashtra for nearly four years, overseeing Corporate Credit, Treasury, Digital Lending Solutions, and technology-driven initiatives across retail, compliance, human resources, and customer service domains. During his tenure, the bank implemented digital lending platforms, internal dashboards, and process re-engineering projects.

Macron Ally Roland Lescure Named France’s Finance Minister Amid Cabinet Reshuffle

In France, French Prime Minister Sébastien Lecornu named Roland Lescure, a close ally of French President Emmanuel Macron, as finance minister in a new cabinet that saw several senior ministers in the last ousted government retain their posts.

Lescure, who was swift to rally behind Macron when he first ran for the presidency in 2017, briefly spent time inside the Socialist Party early in his career. His nomination was widely seen as a gesture to the left ahead of further delicate cross-party budget negotiations.

Budget talks have grown increasingly fraught, requiring delicate trade-offs between three ideologically opposed blocs – Macron’s ruling centrist minority, the far right and the left.

FIA Fines LBDI L$18.5 Million for Major Anti-Money Laundering Failures Following Compliance Inspection

In the realm of regulatory affairs, the Financial Intelligence Agency of Liberia (FIA) has imposed a fine of L$18.5 million on the Liberian Bank for Development and Investment (LBDI) for failing to meet critical requirements under the country’s Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Act of 2021.

According to the FIA, the penalty follows a risk-based AML/CFT compliance inspection conducted at LBDI between December 2–13, 2024, which uncovered significant weaknesses, inadequate controls, and egregious non-compliance in the bank’s AML/CFT obligations.

The FIA’s inspection report cited several violations, including lack of Board oversight on AML/CFT risk management, in contravention of Section 12.0 of the Amended Corporate Governance Regulations for Financial Institutions (No. CBL/RSD/001/2012). The bank also failed to identify, assess, and monitor its money laundering risks — including those linked to pre-existing customers, products, services, geographic exposure, and delivery channels — as required under Sections 15.3.1 and 15.3.10 of the AML/CFT Act of 2021, and Section 2.9 of the AML/CFT Regulations for Financial Institutions in Liberia (No. CBL/RSD/002/2017).

China Sentences Ex-Agriculture Minister to Death with Reprieve in Latest Anti-Corruption Crackdown

Shifting our attention to China, Chinese President Xi Jinping’s anti-corruption campaign has landed another senior official in jail. Tang Ranjian, the former minister of agriculture and rural affairs, has been sentenced to death with a two-year suspension for accepting more than 268 million yuan (about $38 million) in bribes. The verdict is the latest crackdown on China’s anti-corruption campaign.

The Changchun Intermediate People’s Court in Jilin Province delivered the verdict on September 28, 2025. According to the court, between 2007 and 2024, Tang abused various government positions to receive cash and lavish gifts for helping with business operations, project contracts and job management.

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