Jordan Customs Enhances Inspections and Cooperation to Combat Money Laundering and Terrorist Financing
Amman, Jordan - The Jordan Customs has stepped up inspections of travelers entering the Kingdom and strengthened cooperation between the Unit and customs officials to reinforce its efforts in combating money laundering and terrorist financing.
Decline in Suspected Money Laundering Activities
According to data released by the Unit, the number of notifications and reports received related to suspected money laundering activities decreased significantly in 2017 compared to previous years. The numbers are as follows:
- 193 notifications were received in 2016
- 40 notifications were received in 2018
- 38 notifications were received in 2019
Similarly, the number of notifications and reports related to suspicious financial transactions also declined significantly from 301 in 2016 to just 14 in 2019. This indicates that banks have improved their compliance with regulations issued by the Central Bank of Jordan, developed their electronic systems, and increased awareness among reporting entities to better identify and report suspicious transactions.
Enhanced Cooperation with International Counterparts
The Unit has also enhanced its cooperation with counterpart units internationally. In 2019, a total of 41 information requests were sent to countries such as Saudi Arabia, Iraq, and the United Arab Emirates, with the majority of these requests being related to money laundering activities.
In comparison, the Unit received a total of 16 information requests from international counterparts in 2016, with the majority coming from the UAE and USA.
Strengthening National Efforts
The increased cooperation and inspections are aimed at strengthening Jordan’s efforts in combating money laundering and terrorist financing, which poses a significant threat to national security and the global economy. The Unit is committed to enhancing its capabilities in this regard and will continue to work closely with international partners to share intelligence and best practices.
National Strategy
The Unit’s efforts are part of a broader national strategy aimed at strengthening Jordan’s anti-money laundering and counter-terrorism financing regime, which includes cooperation with international organizations such as the Financial Action Task Force (FATF) and the International Monetary Fund (IMF).
Growing Sophistication of Criminal Networks
In related news, the Unit has reported an increase in the use of electronic financial services by suspected criminals. In 2019, a total of 39 notifications and reports were received compared to just 11 in 2016. This trend reflects the growing sophistication of criminal networks in using modern technologies to facilitate their illegal activities.
The Jordan Customs is working closely with other law enforcement agencies and international partners to address this emerging threat and prevent its exploitation for illicit purposes.