Jordan Fights Financial Inclusion and Money Laundering with Comprehensive National Plan
Combating Money Laundering and Terrorist Financing
The Kingdom of Jordan has taken significant steps in combating money laundering and terrorist financing, according to Samia Abu Sharif, Head of the Anti-Money Laundering and Counter-Terrorism Financing Unit. At a recent press conference, Abu Sharif revealed that Jordan has developed a comprehensive national plan to implement the Financial Action Task Force (FATF) recommendations.
FATF Recommendations
The FATF is an intergovernmental body responsible for studying techniques and trends of money laundering and terrorist financing, as well as developing policies to combat these crimes locally and internationally. The organization’s guidelines are implemented by 20 supervisory units aimed at strengthening anti-money laundering measures and combating terrorist financing and the proliferation of weapons of mass destruction.
Jordan’s Efforts
Jordan was recently added to FATF’s list of countries subject to increased follow-up, known as “greylisting”, following the results of the FATF MENA evaluation in 2019. However, Abu Sharif emphasized that implementing the two-year plan can be ceased if all terms are fulfilled.
Implementing the Plan
To achieve this goal, specialized committees have been formed to oversee the implementation process. The most significant reform steps taken so far include:
- Completing a national risk assessment of money laundering and terrorist financing
- Strengthening measures by the unit and supervisory authorities
- Presenting a draft law to combat money laundering and terrorist financing to the government in 2020
New Anti-Money Laundering Law
Although the law was approved by the government and sent to the Lower House in March 2020, its issuance was delayed due to the COVID-19 pandemic until September 2021. The new Anti-Money Laundering and Combating the Financing of Terrorism Law addresses many legislative shortcomings and is aligned with international standards in combating money laundering, terrorist financing, and financing the proliferation of weapons of mass destruction.
Future Efforts
Abu Sharif stressed the need for continued efforts to materialize the plan, particularly in:
- Ensuring the commitment of new sectors included in the law
- Enhancing transparency in certain areas related to legal persons and beneficiaries
- Supporting the prosecution of money laundering cases
- Bolstering Jordan’s commitment to UN Security Council resolutions on terrorism, its financing, and the proliferation of weapons of mass destruction.