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<p><strong>The Government has advocated a risk-based approach to “politically exposed
persons” domestically, through negotiations on the Directive.</strong></p><p> </p><p><strong>In
the UK, this would require treating UK PEPs, such as UK Parliamentarians, on the basis
of risk when undertaking customer due diligence. Enhanced due diligence would only
apply if the business relationship is assessed as high risk.</strong></p><p> </p><p><strong>Political
agreement between the Presidency, the European Parliament and the Commission on the
Directive was reached on 16 December. We expect the Italian Presidency to provide
further details shortly. </strong></p><p> </p><p> </p>
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