Jordan’s Terrorist Financing Laws Face Global Scrutiny as FATF Evaluates Kingdom’s Anti-Money Laundering Efforts

The Financial Action Task Force (FATF), a global standard-setting body, has conducted a comprehensive evaluation of Jordan’s anti-money laundering (AML) and combating terrorism financing (CFT) regime. The assessment was based on the 2003 Forty Recommendations and the 2001 Nine Special Recommendations on Terrorism Financing, utilizing the AML/CFT Methodology of 2004 to evaluate Jordan’s compliance with international standards.

Evaluation and Implications

The evaluation has significant implications for Jordan’s financial sector, including its banks, money services businesses, and other financial institutions. The FATF’s assessment aimed to identify any deficiencies in Jordan’s AML/CFT regime and provide recommendations for improvement.

New Procedures for Identifying Jurisdictions with Deficiencies

The FATF is adopting new procedures for identifying and working with jurisdictions that have significant deficiencies in their AML/CFT regime. These procedures aim to protect the global financial system from money laundering and terrorist financing risks and promote greater global compliance with international standards.

Jordan’s Efforts to Combat Terrorism Financing

This evaluation is seen as a major step forward in Jordan’s efforts to combat terrorism financing, which has been a key concern for the kingdom in recent years. The evaluation is expected to have far-reaching consequences for Jordan’s financial sector and will likely lead to increased scrutiny of the country’s financial institutions.

Conclusion

The FATF’s evaluation of Jordan’s AML/CFT regime is a significant development that highlights the importance of effective anti-money laundering and combating terrorism financing measures. The assessment will help to strengthen Jordan’s financial sector and promote greater global compliance with international standards, ultimately contributing to a safer and more secure global financial system.