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Jordan’s Lower House Approves Tougher Anti-Money Laundering and Counter-Terrorism Financing Laws Amid Rising Concerns

Amman - Jordan’s Lower House has approved a draft anti-money laundering and counter-terrorism financing law, introducing stricter penalties for such crimes in a bid to curb the flow of funds to terrorist groups. This move comes as part of Jordan’s commitment to international efforts to combat money laundering and terrorism financing.

Assessment Highlights High Risk

According to an assessment conducted by the National Committee for Money Laundering and Terrorist Financing Risks, Jordan faces a high risk of anti-money laundering breaches and a medium threat from counter-terrorism financing. The draft law aims to address these concerns by introducing harsher penalties for non-compliance with reporting authorities.

Proposed Legislation

The proposed legislation imposes special penalties for violating UN Security Council resolutions related to terrorism financing. Legal persons convicted of such crimes will face even tougher punishment, while assets seized from perpetrators will be confiscated.

Implementation and Expansion

To implement the new laws, an attachment and confiscation office will be established under the Attorney General’s supervision. The scope of those subject to the law will be expanded, with supervisory bodies and competent authorities in the anti-money laundering and counter-terrorism financing domain identified.

• National Committee for Combating Money Laundering and Financing Terrorism: Its powers will be expanded.
• Financial Information Unit: Its functions and powers will be clearly defined.

Significance of the Move

The move is seen as a significant step forward in Jordan’s efforts to combat terrorism financing and money laundering, and to meet international obligations.