Financial Crime World

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Jordan’s Technical Committee Approves Use of Frozen Funds

Amman, Jordan - Significant Move Announced

The Hashemite Kingdom of Jordan has announced that its Technical Committee has approved the use of frozen funds, following a thorough review and analysis. According to sources, the committee has notified entities implementing freezing actions to execute the decision immediately.

Next Steps

  • The entities are required to inform the Technical Committee of their action taken in this regard.
  • This will pave the way for notification to be sent to petitioners regarding the use of frozen funds.

Compliance Achieved

Jordan’s Technical Committee has declared that the country has achieved full compliance with Recommendation 7 regarding the use of frozen accounts. This follows the issuance of Instruction No. (1) of 2021, which requires reporting entities to add interest or other profits due on frozen accounts.

Additionally, Jordan has also addressed shortcomings in Recommendations 20 and 21, related to suspicious transactions and tipping-off and confidentiality, respectively.

Key Developments

  • Law No. 20 of 2021 requires financial institutions to report any transactions suspected of being linked to money laundering and terrorist financing (ML/TF).
  • Law No. (20) of 2021 provides protection for managers, officers, and employees of financial institutions who report their suspicions in good faith.

Conclusion

The Hashemite Kingdom of Jordan’s efforts have resulted in full compliance with international standards on anti-money laundering and combating the financing of terrorism (AML/CFT). The country’s Technical Committee has demonstrated its commitment to ensuring the effective implementation of AML/CFT measures, ultimately contributing to global efforts to combat financial crime.

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