Jordan’s Anti-Money Laundering and Combating Financing of Terrorism Efforts Show Improvement
AMMAN, JORDAN - The Hashemite Kingdom of Jordan has made significant progress in its efforts to combat money laundering (ML) and financing of terrorism (TF), according to a recent report by the Technical Committee.
Implementation of New Measures
The committee’s review found that Jordan has implemented several measures to address shortcomings identified in previous reports. One such measure is the approval of freezing funds, which requires entities that implement the decision to notify the Technical Committee in writing and take immediate action.
- Entities must notify the Technical Committee in writing
- Immediate action must be taken upon implementation
Guidelines for Reporting Entities
Furthermore, the Kingdom has issued guidelines for reporting entities, persons, and other entities with frozen or unfrozen assets, as well as competent authorities, on taking measures under applicable mechanisms. This includes adding interest or profits due on frozen accounts, provided these interests are also frozen.
- Guidelines outline measures for reporting entities
- Interest or profits due on frozen accounts must be added and frozen
Strengthening Legal Framework
The report highlighted Jordan’s efforts to address shortcomings in its legal framework, including the requirement for financial institutions (FIs) to report suspicious transactions and provide protection for FIs and their staff against tipping-off and confidentiality breaches.
- Law No. 20 of 2021 requires reporting of suspicious transactions
- Protection provided for managers, officers, and employees who report suspicions in good faith
Compliance with International Recommendations
The Technical Committee’s review concluded that Jordan has addressed all shortcomings identified in previous reports regarding Recommendations 7, 20, and 21. As a result, the Kingdom has achieved a level of compliance rated “Compliant” with these recommendations.
- Jordan has implemented measures to address shortcomings
- Achieved compliance rating of “Compliant”
Commitment to Preventing Financial Crimes
Jordan’s efforts to improve its anti-money laundering and combating financing of terrorism measures demonstrate its commitment to preventing financial crimes and protecting the integrity of its financial system.
- Jordan demonstrates commitment to preventing financial crimes
- Efforts to improve anti-money laundering and combating financing of terrorism measures continue.