Nine eleven of the banking privacy and ethics?

Slovenia, starting on 1.January 2008, took over the European Union presidency for the next six month. Slovenia will coordinate EU affairs, ranging from  policies toward the Middle East and Iran to energy and climate change. And Slovenia will be, if I quote the slovenian prime minister "The lighthouse of the Europe".

But Slovenia is amongst the first countries, early adopters of the FTTD, as well. Starting from 21.January 2008 the bank's officials are asking the customers about the political exposure.  

The national Office for Money Laundering is responsible for everything. It prepares relevant legislation and measures and it plays a role of a clearinghouse between the institutions of the financial system on the one hand and the authorities of the detection and prosecution of criminal offences on the other. Can you imagine, clearing house. The banking system must respect the regulation, provided by the Office. And the customers has to respect the banking regulation  The first thing, entering in the branch, there is leaflet, hanging down on every outlet with text:

NOTE:For the purpose of the implementation of measures for the prevention of money laundering and terrorist financing, personal details or other confidential information that we have at our disposal or that are submitted for the needs of the provision of services (e.g. when making a payment order) and that are transferred between banks through the SWIFT network (Society for Worldwide Interbank Financial Telecommunication) can and will be passed on to domestic or foreign (including USA) state, administrative or judicial authorities on the grounds of a special request.

The same text is waiting you on the PC screen, using your internet banking. “OK", you say to yourself, "I can survive with this."

But the real surprise is still coming. “Are you Politically Exposed Person?” could be the first official’s question instead of “Hello”, Good Morning” or How are you” when you wish to transfer more than 1000 € to the daughter’s account somewhere in EU or to pay a bill or whatever. Out of regard for the truth, the kindness in Slovenian banks died many years ago, when promising capitalism barbarically has won over obsolete socialism. Peeeeeeeep?! What a hell is a PEP? The law is a law and the bank has to respect it. If not, there is penalty for bank, from 12.000 up to 120.000 €!  But there are still no guidelines and education and even the employees don’t know what the Politically Exposed Person is. Still worse, there is a lot of misinterpretation. Sometimes the officials are very clumsy and the question runs like this: Are you politically active ? Are you politically influent? Are you politically engaged? Are you politically affiliate? etc

Let’s go forward. If the answer finally is yes or no (actually most of the asked people are becoming nervous because nobody informed them before what’s happening, many of them disputes or replies “That’s not your business) then you have to sign the statement about your political exposure as follows:

 “I, the undersigned XY hereby state that I am/I am not politically exposed person. 

If you are a politically exposed person please state the data about the source of funds which are or will be the subject matter of the business relationship or transaction. By signing this statement I guarantee that the data provided are accurate and true.

Place and date. Client’s signature. To be filled  by the Bank: Permission to conclude a business relationship or conduct a transaction. Signature of the Bank employee in charge."  

According to the statement text, PEP could be spouse or common-law partner, parents, brothers, sisters, children and their spouses or common-law partners as well. 

Dear EU bureaucrats, what about the lovers? You had forgotten the lovers. Could the lover he or she be the PEP? How to recognize her/him? Reading the tabloids?  

Dear everybody. Think a little bit. 9/11 is not the real source and beginning of the evil. 9/11 is not original sin. The end started far, far ago, when Cain killed his brother Abel. Farmer killed the shepherd. And for some people even much more before.

Why we have to pay the bill for the sins of others? Why 500 millions (or more) of the people has to adapt their lives and be penalised because of few hundreds or few thousands of criminals which are trying to launder a money? What about the finance regulation on the whole: stock exchange, sales by auction, electronic commerce, prepaid cards, gambling, real assets............?