Financial Crime World

Here is the rewritten article in markdown format:

Financial Crime and Corruption Plague Jordan’s Economy

======================================================

A recent report by Transparency International’s Corruption Perceptions Index (CPI) has ranked Jordan 61st out of 180 countries, with a score of 47. This puts the country near the bottom of the list in terms of perceived corruption.

A Culture of Favoritism and Cronyism

Corruption in Jordan is often linked to informal networks and personal connections, known as “wasta”, which allow individuals to gain favors and access goods and services through influence peddling or bribery. High-level officials, including those with ties to the royal family, have been involved in corruption cases.

Experts say that corruption in Jordan is a complex issue, with societal interests often being channeled through informal networks rather than political parties. This has led to a culture of favoritism and cronyism, where individuals are more likely to be rewarded based on personal connections rather than merit.

The Global Picture

The World Economic Forum’s Global Competitiveness Report 2013-2014 also highlights corruption as one of the major obstacles to doing business in Jordan. According to the report, many business executives consider corruption a significant hindrance to operating in the country.

The country’s regional ranking also paints a concerning picture, with the average score among Middle Eastern and North African countries being only 34. Jordan’s score is significantly higher, but still reflects a significant problem.

The Need for Greater Transparency and Accountability

As the government struggles to address corruption, many are calling for greater transparency and accountability. The international community has also been urged to play a more active role in combating financial crime and promoting good governance in the region.

Key Points

  • Jordan ranked 61st out of 180 countries on Transparency International’s Corruption Perceptions Index (CPI) with a score of 47.
  • Corruption is often linked to informal networks and personal connections, known as “wasta”.
  • High-level officials have been involved in corruption cases.
  • The country’s regional ranking reflects a significant problem.
  • Greater transparency and accountability are needed to address corruption.