Jordan’s Crackdown on Terrorist Financing: New Regulations Come into Force

Amman, Jordan - Enhancing Efforts to Combat Terrorism Financing

In an effort to combat the growing threat of terrorism financing, Jordan has enforced new regulations aimed at preventing and detecting suspicious transactions. The Anti-Money Laundering and Combating the Financing of Terrorism Law came into effect earlier this month.

Requirements for Entities Subject to Provisions

Entities subject to the provisions of the law are required to report any suspected money laundering or terrorist financing activities to the Anti-Money Laundering and Combating the Financing of Terrorism Unit (AMLU). To facilitate reporting, AMLU has issued a notice form that must be filled out by entities obliged to report.

Notice Form Requirements

The notice form requires detailed information about the suspicious transaction, including:

• Date
• Value
• Type
• Method of payment

Entities are also required to maintain confidentiality of the information provided in the notice form and refrain from disclosing it to any non-competent entity, including suspected customers. Failure to comply with this requirement may result in legal liability.

Availability of Notice Form

The notice form is available on the AMLU website, www.amlu.gov.jo, under the “Entities Obliged to Report” section. Entities are required to submit the completed form to AMLU, which has designated a fax number and email address for urgent submissions.

Enhancing Efforts in Combating Terrorism Financing

The new regulations aim to enhance Jordan’s efforts in combating terrorist financing and money laundering, both domestic and international. The country has been at the forefront of regional efforts to combat these threats, having signed numerous international agreements and conventions aimed at preventing the misuse of financial systems for illicit activities.

Regular Inspections and Hotline Established

AMLU will conduct regular inspections of entities subject to the new regulations to ensure compliance with the law and guidelines. The unit has also established a hotline for reporting suspicious transactions and other concerns related to money laundering and terrorist financing.

International Recognition

As Jordan continues to strengthen its financial defenses against terrorism financing and money laundering, international partners are taking notice. “Jordan’s efforts to combat these threats are commendable and demonstrate its commitment to regional security,” said a spokesperson for the United States Department of State.