Financial Crime World

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Jordanian Authority Cracks Down on Money Laundering

Tough Stance Against Illegal Activity

Amman, Jordan - Despite paying a hefty fine, the guilty party will also face imprisonment with labor for up to five years.

The government of Jordan has introduced a new law aimed at combating money laundering, which has far-reaching implications across multiple nations and countries. The National Committee for Combating Money Laundering, headed by the Governor of Central Bank, will be responsible for monitoring operations and making recommendations to support international legislations.

Key Provisions of the Law

  • An Anti-Money Laundering unit will analyze suspicious activities and prepare reports for submission to the public prosecutor for further investigation.
  • Banks are required to check their operations to prevent money laundering, with those involved facing penalties ranging from 3-15 years imprisonment.
  • Article 7 of the law requires banks to report suspicious transactions to the authorities.

Protecting Customer Secrecy

The importance of customer secrecy is also emphasized in Jordanian law. According to Article 72 of the Jordanian Banking Law of 2000, banks are expected to keep account information private, with exceptions applying only when disclosure is required by court order.

Recent Case Highlights Importance of Combating Money Laundering

In a recent case, a banking staff member was sentenced to imprisonment ranging from 7 days to three years for involvement in money laundering. The court also ordered the confiscation of funds transferred or issued by the accused.

Consequences for Violators

The Jordanian authorities are taking a tough stance on money laundering, recognizing that this illegal activity has far-reaching consequences for national and international economies. The new law aims to create a safer financial environment for the public while also upholding the rights of account holders to maintain their privacy.

Key Penalties

  • Fine: JD 10,000 - JD 1,000,000
  • Imprisonment with labor for up to 5 years

Establishment of National Committee and Anti-Money Laundering Unit

The National Committee for Combating Money Laundering has been established to monitor operations and make recommendations to support international legislations. The Anti-Money Laundering unit will analyze suspicious activities and prepare reports for submission to the public prosecutor.

Key Measures

  • Establishment of National Committee for Combating Money Laundering
  • Creation of Anti-Money Laundering unit
  • Requirement for banks to check operations and prevent money laundering
  • Penalties for violators of secrecy in Jordanian Penal Code
  • Protection of customer secrecy under Jordanian Banking Law