Jordan Embarks on Journey to Boost Beneficial Ownership Transparency
In an effort to combat money laundering and terrorist financing, Jordan has taken a significant step towards enhancing beneficial ownership transparency in the country. This move is part of a broader global effort to prevent financial crimes.
Enhancing Transparency through Training Sessions
The European Union’s Global Facility on Anti-Money Laundering and Countering the Financing of Terrorism, in partnership with the Anti-Money Laundering & Counter Terrorist Financing Unit and the Central Bank of Jordan, organized a series of multi-stakeholder trainings to present an upcoming beneficial ownership guidance. The training sessions aimed to equip reporting entities with the knowledge and skills necessary to identify the beneficial owners of legal persons and arrangements in compliance with customer due diligence measures.
Key Topics Covered
- How criminals misuse corporate entities to commit financial crimes
- FATF and EU beneficial ownership disclosure standards
- Approaches for identifying red flags of corporate entity misuse
New Guidance on Beneficial Ownership Transparency
The Central Bank of Jordan team presented its new guidance on beneficial ownership transparency, inviting feedback from participants to ensure its comprehensiveness prior to publication. The guidance is expected to provide practical examples and guidance for entities on how to identify ultimate beneficial ownership within legal structures.
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“I want to emphasize the importance of identifying beneficial owners to prevent their misuse in committing financial crimes, money laundering, and terrorist financing.” - Ala’ Bani Fawaz, Deputy Chief of the Anti-Money Laundering and Counter Terrorist Financing Unit of Jordan
Broader Technical Assistance Program
The joint effort is part of a broader technical assistance program funded by the European Union aimed at supporting Jordan in enhancing beneficial ownership transparency. The program has been ongoing since January 2021, with efforts made to implement measures enhancing transparency of legal persons within the jurisdiction.
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“I would like to praise the dedication of Jordanian authorities and efforts made since January 2021 to implement measures enhancing transparency of legal persons within the jurisdiction.” - M. Alexandre Taymans, Key Expert on Beneficial Ownership for the Global Facility