Terrorism Financing and Money Laundering: A New Era of Accountability
Jordan has taken a significant step in combating terrorism financing and money laundering with the introduction of the Anti-Money Laundering and Terrorist Financing Law No. 20 of 2021. The law aims to prevent the misuse of funds for terrorist activities and to recover proceeds from such crimes.
Terrorism Financing Offences
According to Article 4 of the law, a person is deemed to have committed a terrorism financing offence in five cases:
- Directly or indirectly providing or collecting funds with knowledge that they will be used to carry out a terrorist act.
- Intentionally contributing to the commission of a terrorism financing offence with a group of persons.
- Financing travel to another country for the purpose of perpetrating, planning, or participating in terrorist acts.
- Participating in committing any terrorism financing offence or organizing others to do so.
- Attempting to commit any of the above offences.
The law also stipulates that an offence is deemed committed even if the terrorist act does not occur or is attempted, regardless of whether the funds were actually used or linked to a specific terrorist act.
Penalties for Money Laundering and Terrorist Financing
The law prescribes severe penalties for those found guilty of money laundering and terrorist financing. Article 30 states that any person who commits, attempts, abides, participates in, instigates, or conspires to commit a money laundering or terrorist financing offence shall be punished by:
- Temporary imprisonment with hard labor
- A fine
Article 32 provides for the liability of legal persons, stating that they shall be responsible for such offences and fined up to five hundred thousand Dinars. The law also allows for the cessation of operations, partial or total, for a period not less than one month and no more than one year.
Whistleblower Protection
The law also provides protection for whistleblowers who report money laundering or terrorist financing offences to the competent authorities. Article 33 states that if a person involved in such an offence informs the authorities before being caught, they may be exempt from punishment if their information contributes to:
- The arrest of others
- The seizure of proceeds
- Prevention of the terrorist act
- Mitigation of its consequences
A New Era of Accountability
The Anti-Money Laundering and Terrorist Financing Law No. 20 of 2021 marks a significant step forward in Jordan’s efforts to combat terrorism financing and money laundering. The law provides for severe penalties and whistleblower protection, demonstrating the country’s commitment to preventing the misuse of funds for terrorist activities and recovering proceeds from such crimes.