Financial Crime World

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Jordan Struggles to Combat Financial Crime, Report Reveals

Amman, Jordan - A recent report has highlighted Jordan’s ongoing struggles to effectively combat financial crime, with the country failing to fully implement several key recommendations from the Financial Action Task Force (FATF).

Deficiencies in Implementing FATF Recommendations

According to the report, Jordan received ratings of “partially compliant” or “non-compliant” in 14 out of 40 areas assessed by the FATF. The deficiencies were particularly notable in the areas of non-profit organizations and beneficial ownership transparency.

Challenges in Combating Money Laundering and Terrorist Financing

Jordan’s efforts to combat money laundering and terrorist financing have been hampered by a lack of effective regulations and supervision, as well as inadequate resources and capacity. The country has also struggled to implement targeted financial sanctions related to terrorism and terrorist financing.

Areas for Improvement

The report highlighted several specific areas where Jordan needs to improve, including:

  • Failure to confiscate proceeds from crime
  • Lack of transparency in the ownership of legal persons and arrangements
  • Inadequate regulation and supervision of non-profit organizations

Limitations of Financial Intelligence Unit

Jordan’s financial intelligence unit has also been criticized for its limited powers and resources. The country’s law enforcement and investigative authorities have been commended for their efforts, but more needs to be done to support them in their work.

Call to Action

The report’s findings are a wake-up call for Jordanian authorities, who must take immediate action to address these shortcomings if they are to meet international standards on anti-money laundering and combating the financing of terrorism.