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Jordan’s Financial Crime Investigation Techniques: A Comprehensive Overview of the AML/ CFT Law

Introduction

The Jordanian Anti-Money Laundering and Counter Terrorist Financing Law No. (20) of 2021 has introduced a revised and robust framework for anti-money laundering (AML) and countering terrorist financing (CFT). The law came into effect on September 16, 2021, replacing the previous Anti-Money Laundering and Counter Terrorist Financing Law No. (46) of 2007 and its amendments.

Key Features

  • Provides a more comprehensive and inclusive understanding of financial crime
  • Allows for better detection and prosecution of money laundering and terrorist financing activities
  • Defines money laundering as the act of concealing or misrepresenting the source of proceeds from criminal activity
  • Defines CFT as providing or collecting funds with the knowledge that they will be used to commit a terrorist act

Notification Obligations

  • Lawyers, legal practitioners, and legal accountants who arrange and perform financial operations on behalf of other persons and/or entities must report such activities to the AML/ CFT Unit
  • Specific entities and activities are now included in notification obligations

Regulations for Authorities

  • Stricter regulations for authorities, including:
    • Central Bank of Jordan
    • Jordanian Securities Commission
    • Ministry of Industry, Trade and Supply
  • Requirements include:
    • Conducting field and office inspections
    • Communicating with foreign authorities
    • Retaining reports and statistics on information gathered under the law

Significance

The AML/ CFT Law is a significant step towards strengthening Jordan’s financial regulatory framework and enhancing its ability to combat money laundering and terrorist financing. Al Tamimi & Company’s Banking and Finance team regularly advises on financial agreements and transactions, providing expertise on compliance with the AML/ CFT Law.

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