Financial Crime World

Jordan’s Anti-Money Laundering and Combating the Financing of Terrorism Efforts

Amman, Jordan - November 2019

The Hashemite Kingdom of Jordan has made significant progress in its efforts to combat money laundering (ML) and the financing of terrorism (TF), but there are still areas that require improvement, according to a recent report by the Financial Action Task Force (FATF).

Key Findings

  • The need for Jordan to strengthen its supervision of financial institutions to ensure they comply with anti-money laundering and combating the financing of terrorism regulations.
  • The importance of improving the country’s legal framework to prevent criminals and associates from entering the market.
  • The need for greater transparency in the creation and operation of legal persons and arrangements, including the disclosure of beneficial ownership information.
  • Strengthening supervision and enforcement measures to prevent ML/TF risks.
  • Improving the country’s legal framework to prevent criminals from entering the market.
  • Enhancing transparency in the creation and operation of legal persons and arrangements.

Immediate Outcomes

  • The need for supervisors to understand and identify ML/TF risks, and to take proportionate and dissuasive sanctions against institutions that fail to comply with regulations.
  • The importance of promoting a clear understanding of anti-money laundering and combating the financing of terrorism obligations among financial institutions.

International Cooperation

The report emphasizes the importance of international cooperation in combating money laundering and the financing of terrorism. Jordan is encouraged to:

  • Provide constructive and timely mutual legal assistance (MLA) and extradition.
  • Seek timely legal assistance to pursue domestic ML/TF cases with transnational elements.

Supervisors’ Actions

  • Understanding and identifying ML/TF risks.
  • Taking proportionate and dissuasive sanctions against institutions that fail to comply with regulations.
  • Promoting a clear understanding of anti-money laundering and combating the financing of terrorism obligations among financial institutions.

Technical Compliance Annex

The report includes several technical compliance recommendations for Jordan, including:

  • Assessing risks and applying a risk-based approach.
  • National cooperation and coordination.
  • Improving the country’s legal framework to prevent ML/TF.

Conclusion

Overall, while Jordan has made significant progress in combating money laundering and the financing of terrorism, there are still areas that require improvement. The country is encouraged to implement the recommended actions outlined in this report to further strengthen its anti-money laundering and combating the financing of terrorism efforts.