Some careers are just plain risky—for your bank.
What do heads of state, senior members of the armed forces, labor group officials, and city mayors throughout the world have in common? All rank among the top 10 jobs with the greatest risk of involvement in money laundering, illicit payments, corruption, and other illegal activity, according to Dow Jones Watchlist.
Watchlist compiled the list from its global database of so-called PEPs, or politically exposed persons, and "special interest persons," tracking the number of official legal actions against high-level officeholders since 2000.
Some news reports suggested that former New York Gov. Eliot Spitzer may have been monitored as a PEP by his bank, but in the United States, PEPs are typically current or former senior foreign political figures, along with their immediate family and close associates, according to the Treasury Department. Banks, concerned about complying with international rules on money laundering, scrutinize their transactions.
Despite ranking No. 7 on the list, city mayors are very rarely included in PEP definitions, which vary worldwide, says Rupert de Ruig, managing director of risk and compliance at Watchlist. Here's the list:
Top 10 High-Risk Job Roles
- Heads & Deputies of State/National Government
- Senior Members of the Armed Forces
- National Government Ministers
- Senior Members of the Secret Services
- Heads & Deputy Heads of Regional Government
- Political Pressure and Labor Group Officials
- City Mayors
- Political Party Officials
- State Corporation Executives
- Senior Members of the Police Services