Financial Crime World

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Jordan’s Efforts to Combat Money Laundering and Terrorist Financing Under Scrutiny

Amman, Jordan - In an effort to strengthen its anti-money laundering (AML) and combating the financing of terrorism (CFT) regime, Jordan has been assessed by international experts on its efforts to prevent the misuse of its financial system.

Assessment Results

The assessment, conducted by the Financial Action Task Force (FATF), has identified several key findings and recommended actions aimed at enhancing Jordan’s AML/CFT framework. According to the report, Jordan has made significant progress in implementing AML/CFT measures, but there are still areas that require improvement.

  • The need for stronger supervision of financial institutions, including effective monitoring of compliance with AML/CFT requirements.
  • The importance of identifying, assessing, and understanding ML/TF risks and vulnerabilities of legal persons and arrangements.
  • Strengthening licensing, registration, and controls to prevent criminals and associates from entering the market.
  • Improved supervision of compliance with AML/CFT requirements.
  • More effective remedial actions and sanctions.

International Cooperation

The assessment also emphasized the importance of international cooperation in combating ML/TF. Jordan was commended for its efforts to provide constructive and timely mutual legal assistance (MLA) and extradition, as well as its participation in regional and international efforts to combat terrorism financing.

However, FATF recommended that Jordan enhance its international cooperation by:

  • Providing more detailed information on the creation and types of legal persons and arrangements.
  • Improving access to basic and beneficial ownership information.

Supervisors’ Role

The report emphasized the critical role played by supervisors in ensuring effective implementation of AML/CFT measures. Supervisors were urged to:

  • Prioritize risk-based supervision.
  • Conduct regular on-site inspections.
  • Take effective remedial actions against non-compliant institutions.

Technical Compliance Annex

In addition to the main report, a technical compliance annex has been issued, which provides detailed recommendations for Jordan’s AML/CFT framework. The annex covers a range of topics, including:

  • Assessing risks
  • National cooperation
  • Money laundering offenses
  • Confiscation and provisional measures
  • Terrorist financing offenses
  • Targeted financial sanctions

The FATF assessment is expected to inform Jordan’s efforts to strengthen its AML/CFT regime, which will help to protect the country’s financial system from abuse by criminals and terrorists.