Financial Crime World

Jordan Customs Steps Up Efforts to Combat Money Laundering and Terrorist Financing

Combating Financial Crimes in Jordan

Jordan Customs has been intensifying its efforts to inspect travelers entering the Kingdom and strengthen cooperation with customs authorities, aimed at combating money laundering and terrorist financing.

Decline in Suspicious Transactions

According to data released by the Unit, notifications and reports related to suspicious transactions decreased significantly from 193 in 2017 to 40 in 2018 and 38 in 2019. The number of reports linked to unusual financial transactions also declined from 301 in 2016 to 14 in 2019.

Factors Contributing to the Decline

  • Compliance of banks with regulations issued by the Central Bank of Jordan
  • Development of electronic systems and suspicion indicators
  • Reporting entities’ increased awareness of the need to better identify causes and reasons for suspicion to improve the quality of notifications

Terrorist Financing Cases

Regarding cases suspected of terrorist financing, the Unit revealed that there has been a significant decrease in notifications received from money exchange companies. However, an increase was noticed in the use of electronic financial services by suspects, with 39 notifications and reports related to such instruments received by the Unit during 2019.

Evolution of Criminal Activities

  • The rise in the use of e-wallets for money transfer purposes indicates that criminals have developed knowledge of modern technologies and can exploit them to carry out their activities
  • Reluctance from criminals to use financial instruments such as insurance policies, letters of credit, stock trading, currency exchange, and credit facilities due to the difficulty of exploiting them in money laundering

International Cooperation

In terms of international cooperation, the Unit sent:

  • 16 information requests during 2016, with most going to the UAE (4) and USA (3)
  • 17 information requests during 2017, with the majority also going to the UAE (4) and Republic of Iraq (3)
  • 27 information requests during 2018, with KSA, Republic of Iraq, and UAE being the top recipients
  • 41 information requests during 2019, with KSA receiving the most (12), followed by Republic of Iraq (8) and UAE (5)

Commitment to Financial Integrity

The Unit’s efforts to combat money laundering and terrorist financing are part of its commitment to ensure the integrity of Jordan’s financial system and protect its citizens from illegal activities.