Jordan Falls Short in Fight Against Financial Crime, Says FATF Evaluation

Amman - The Financial Action Task Force (FATF) has released an evaluation that highlights several areas where Jordan falls short in its efforts to combat financial crime.

Compliance with FATF Recommendations

According to the report, Jordan is:

• Partially compliant with 14 out of 40 recommendations
• Largely compliant with 12 recommendations
• Non-compliant with three recommendations

The evaluation also notes several deficiencies in Jordan’s Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) regimes.

Weaknesses in AML/CFT Regime

The report highlights weaknesses in Jordan’s AML/CFT regime, including:

• Lack of effective risk assessment
• Insufficient targeted financial sanctions against terrorist organizations and individuals
• Weak customer due diligence requirements
• Inadequate record-keeping standards
• Poor internal controls at financial institutions

Failure to Implement Measures Against New Technologies

The evaluation also notes that Jordan has not fully implemented measures to prevent the misuse of new technologies, such as cryptocurrencies. Additionally, the country has failed to provide adequate guidance and feedback to financial institutions on AML/CFT compliance issues.

Concerns About Effectiveness in Combating Financial Crime

Jordan’s failure to comply with FATF recommendations raises concerns about the country’s ability to effectively combat financial crime and terrorist financing. The report recommends that Jordan take immediate action to address these deficiencies and improve its AML/CFT regime.

Full Report Available

The full report is available on the FATF website, providing a detailed assessment of Jordan’s AML/CFT regime, highlighting both strengths and weaknesses.