Politically Exposed Person

Flugelhorn

Just been sent info about putting in a Best and Final on a property (we aren't interested but they sent it to everyone who viewed) - asked to complete a Politically Exposed Person declaration - haven't had to do this in last 2 house purchases (2020+2021) and not only time I did a B & F. 

Anyone else been asked to do this?

Owleyes00

There was a question asking about this on my new client form for the solicitors…they gave us a list of who it might mean although I have to say I wasn’t sure why it was relevant so would be interested to know

Flugelhorn

Owleyes00 said:

There was a question asking about this on my new client form for the solicitors…they gave us a list of who it might mean although I have to say I wasn’t sure why it was relevant so would be interested to know

I could understand it at the stage of conveyancing etc but seems v odd when putting in a best and final offer  - the implication was that the person had to go through enhanced due diligence now

AdrianC

https://www.lawsociety.org.uk/en/topics/anti-money-laundering/peps

It's part of the money-laundering regs, and they don't define HOW a solicitor determines if somebody is clean, just that they satisfy themselves...

So if this solicitor requires it, that's their choice. You can either complete it or move on.

coffeehound

I’ll ask, then:  What constitutes a Politically Exposed Person?

Monsternextdoor

We had the same, It's basically to make sure that you aren't money laundering or run the risk of taking bribes.

Flugelhorn

AdrianC said:

https://www.lawsociety.org.uk/en/topics/anti-money-laundering/peps

It's part of the money-laundering regs, and they don't define HOW a solicitor determines if somebody is clean, just that they satisfy themselves...

So if this solicitor requires it, that's their choice. You can either complete it or move on.

it was the estate agent requesting it, alongside the offer on the property

AdrianC

coffeehound said:

I’ll ask, then:  What constitutes a Politically Exposed Person?

Go on, click on the Law Society link I posted...

user1977

coffeehound said:

I’ll ask, then:  What constitutes a Politically Exposed Person?

Somebody high enough ranking to be considered liable to bribery. I've only heard of it cropping up where you happen to have the same name as a senior politician. 

Monsternextdoor

user1977 said:

coffeehound said:

I’ll ask, then:  What constitutes a Politically Exposed Person?

Somebody high enough ranking to be considered liable to bribery. I've only heard of it cropping up where you happen to have the same name as a senior politician. 

high ranking officers serving in the armed forces and or those members of the armed who have had developed vetting.

MaryNB

Bought my house last November and was asked this on a form from my solicitor.