Jordan’s Anti-Money Laundering Laws Come Under Scrutiny in FATF Evaluation

The Hashemite Kingdom of Jordan has recently undergone an evaluation by the Financial Action Task Force (FATF) on its anti-money laundering (AML) and combating terrorism financing (CFT) regime. The results of this evaluation are mixed, with some areas showing compliance with international standards while others require improvement.

Evaluation Process

The FATF used the AML/CFT Methodology 2004 and the Forty Recommendations 2003 and Nine Special Recommendations on Terrorism Financing 2001 to conduct its evaluation. The review process aimed to assess Jordan’s compliance with international standards for preventing money laundering and terrorist financing.

FATF’s New Procedures

The FATF has adopted new procedures to identify and work with jurisdictions exhibiting significant deficiencies in their AML/CFT regime. These new procedures are designed to protect the international financial system from money laundering and terrorist financing risks while encouraging greater global compliance with international standards for AML/CFT.

International Cooperation Review Group (ICRG)

The ICRG, a FATF committee, will now monitor Jordan’s progress in addressing any shortcomings identified during the evaluation. The ultimate goal is to protect the international financial system from money laundering and terrorist financing risks while encouraging greater global compliance with international standards for AML/CFT.

Key Takeaways

• Jordan has undergone an evaluation by the FATF on its AML/CFT regime
• The results of the evaluation are mixed, with some areas showing compliance with international standards while others require improvement
• The ICRG will monitor Jordan’s progress in addressing any shortcomings identified during the evaluation
• The goal is to protect the international financial system from money laundering and terrorist financing risks while encouraging greater global compliance with international standards for AML/CFT.