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Financial Crime’s Devastating Impact on Jordanian Society
The Kingdom of Jordan has recently taken significant steps to combat financial crime, enacting the Anti-Money Laundering and Counter Terrorist Financing Law No. 20 of 2021. This law aims to strengthen the country’s regulatory framework against money laundering and terrorist financing, which have devastating consequences on society.
The Devastating Consequences
According to experts, financial crime has far-reaching effects on Jordanian economy and society. It can lead to:
- Destabilization of the financial system
- Loss of trust in institutions
- Erosion of public confidence
- Facilitation of terrorism financing, perpetuating violence and insecurity
Strengthening Regulations
The new law introduces a more robust framework for anti-money laundering and counter-terrorist financing, with:
- Stricter regulations and penalties for non-compliance
- Increased transparency and reporting requirements for financial institutions and designated non-financial businesses and professions
Beyond Economic Consequences
Experts warn that the impact of financial crime on Jordanian society is not limited to economic consequences alone. It can also perpetuate:
- Social instability, as criminal networks use money laundering and terrorist financing to fund their activities
- Political instability, undermining trust in government institutions and creating an environment conducive to corruption
- Breakdown in law and order, making it difficult for the government to provide essential services to citizens
Conclusion
The impact of financial crime on Jordanian society is significant and far-reaching. It is essential that the government continues to strengthen its regulatory framework against money laundering and terrorist financing, while also addressing the root causes of financial crime, such as poverty and lack of economic opportunities.
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