Jordan Develops National Plan to Combat Terrorism Financing Amid Greylisting Concerns
Introduction
Jordan’s Anti-Money Laundering and Counter-Terrorism Financing Unit has developed a comprehensive national plan to implement the Financial Action Task Force (FATF) recommendations, according to Petra news agency. The plan aims to strengthen anti-money laundering efforts and combat terrorist financing.
Background
The FATF announced last week that Jordan was added to its list of countries subject to increased follow-up, known as “greylisting”. However, implementing the two-year plan can be ceased if all terms are fulfilled. Jordan’s inclusion on the greylist follows its evaluation results in 2019.
Plan Implementation
According to Samia Abu Sharif, head of the Anti-Money Laundering and Counter-Terrorism Financing Unit, specialized committees have been formed to monitor implementation progress. The unit has taken several reform steps, including:
- Completing a national risk assessment
- Strengthening measures taken by supervisory authorities
Legislative Progress
A draft law combating money laundering and terrorist financing was presented to the government in 2020 and approved before being sent to the Lower House. However, due to pandemic-related circumstances, the law’s issuance was delayed until September 2021.
Key Objectives
Abu Sharif emphasized the need for continued efforts to materialize the plan, particularly with regards to:
- Ensuring new sectors’ commitment to the law
- Enhancing transparency in certain areas
- Supporting money laundering prosecution
- Bolstering compliance with UN Security Council resolutions on terrorism financing
New Legislation
Jordan’s Anti-Money Laundering and Combating the Financing of Terrorism Law, which came into effect in mid-September 2021, addresses legislative shortcomings by aligning with international standards.
About FATF
The Financial Action Task Force (FATF) is an intergovernmental body founded in Paris in 1989. Its aim is to counter financial criminal activity through policy development and implementation.
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