MIAMI, June 8, 2011 /PRNewswire/ --
Miami headquartered WorldCompliance reaches milestone in the fight against corruption, by announcing that its PEP database today surpassed 1,000,000 detailed profiles of Politically Exposed Persons, their family members and close associates.
In the wake of the Arab Spring, financial institutions around the globe found themselves at the frontline of determining who is a Politically Exposed Person ("PEP"), and what transactions may involve risk.
The U.S. froze over $30 Billion dollars in Libyan assets. Switzerland, within minutes of announcing his resignation, froze assets of former Egyptian president, Hosni Mubarak; a testimony of the beginning of a new era, in which illicit enrichment has no role and kleptocracy, come to an end.
The proceeds of corruption in developing countries alone ranges from 20 billion to 40 billion U.S. dollars per year - roughly equivalent to the annual GDP of the world's 12 poorest countries, which is where more than 240 million people live. In total, the World Bank estimates that 1 trillion dollars of the global economy are squandered on bribes to government officials.
In 2009 and 2010, Financial Institutions in the United States alone filed 1,294 Suspicious Activity Reports ("SARs"), involving Politically Exposed Persons, in many cases prompted through the use of commercial PEP databases such as those offered by WorldCompliance. The subjects of these SARs lived in 125 countries, including the United States, where 294 suspects reportedly live, primarily in New York and Florida.
"The passion that our analysts are putting into building detailed profiles of PEPs has led to the capture of criminals and ultimately aids in the fight against corruption and bribery," said Dirk Mohrmann, Chief Executive Officer of WorldCompliance. "We are proud of being able to protect our clients with the world's most comprehensive PEP database."
Since 2001, WorldCompliance has been harvesting information from tens of millions of articles and government sources to create an easily accessible database of persons and companies tied to governments around the world. This proprietary database allows instant exposure of subjects soliciting bribes and of the funds obtained from corruption by accessing critical details on foreign officials beyond just a name, including dates of birth, photographs, national ID numbers, relationships, and shell companies.
"By enabling our clients to see PEPS, their family members and close associates, we are providing companies the ability to protect their reputation and stay in compliance with PEP requirements around the globe," said Mr. Mohrmann. "We bring transparency to the market. The days when a foreign official could abscond with monies gathered through corruption are numbered."
WorldCompliance is one of the leading Open Source Intelligence providers in the world, offering a wide array of solutions to clients, looking to protect their reputation by identifying high-risk individuals and organizations amongst suppliers, vendors and clients. The company offers the world's most comprehensive PEP database, which is used by clients in over 100 countries worldwide. As one of the pioneers of risk based client screening, WorldCompliance provides the tools necessary to comply with a multitude of worldwide legislations, ranging from The U.S. Patriot Act to The Third EU Money Laundering Directive, to the Foreign Corrupt Practices Act (FCPA) and the UK Bribery Act.