Financial Crime World

Financial Crime and Corruption Plague Jordan’s Economy

Jordan has long been plagued by financial crime and corruption, with recent surveys suggesting that the problem shows no signs of abating. According to a Global Corruption Barometer, 55% of people in the country believe that corruption increased in the previous 12 months.

The Extent of the Problem

  • A staggering 4% of public service users reported paying a bribe during the same period.
  • The issue is not limited to individual instances of corruption, but rather appears to be deeply ingrained in Jordan’s national institutions.
  • A study by Transparency International found that the country’s National Integrity System (NIS) was failing to effectively prevent and punish financial crime and corruption.

The Impact on the Economy

Corruption undermines trust in institutions and discourages investment and growth. It also perpetuates inequality, as those who have access to corrupt networks and resources are able to accumulate wealth at the expense of others.

Efforts to Combat Corruption

  • Transparency International has been working to combat financial crime and corruption in Jordan through a range of initiatives, including public awareness campaigns and advocacy efforts to improve transparency and accountability in government and business.
  • The organization is also working with local partners to strengthen institutions and improve governance.

What’s Needed to Address the Problem

While efforts are being made to combat corruption, more needs to be done to address the scale and complexity of the problem. It will require sustained effort from:

  • Government
  • Civil society
  • The private sector

to root out corruption and create a more transparent and accountable system.

The Importance of Good Governance in Jordan’s Economic Development

As Jordan seeks to diversify its economy and attract foreign investment, it is essential that the country prioritizes good governance and transparency. Only by tackling financial crime and corruption can Jordan build trust with its citizens and the international community, and achieve sustainable economic growth and development.

Conclusion

Financial crime and corruption are significant challenges facing Jordan’s economy, but they can be addressed through sustained effort and a commitment to good governance and transparency.