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

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A comprehensive report evaluating Jordan’s efforts to combat money laundering (ML) and the financing of terrorism (CFT) has revealed several areas of concern. The report, conducted by a team of international experts, highlights the need for improvement in key aspects of Jordan’s anti-money laundering and CFT regime.

Deprivation of TF Assets and Instrumentalities

The report found that Jordan’s authorities have not effectively deprived terrorists of their assets and instrumentalities, as required by international standards. While some progress has been made, more needs to be done to identify and freeze terrorist-related assets and disrupt their financing networks.

Consistency with Overall Risk Profile

The report also identified inconsistencies in Jordan’s measures to combat ML/TF risks, particularly in the financial sector. Some banks and other financial institutions have not adequately implemented anti-money laundering and CFT measures, increasing the risk of ML/TF activities.

Immediate Outcomes

The report highlights several immediate outcomes that need to be addressed:

• The implementation of TF-related sanctions without delay;
• Improved customer due diligence and record-keeping practices in the financial sector;
• Enhanced international cooperation to combat TF;
• Strengthened supervision and enforcement measures to prevent ML/TF activities.

Recommendations

To address these concerns, the report recommends 24 specific actions that Jordan must take to improve its anti-money laundering and CFT regime. These recommendations cover a range of issues, including:

• Strengthening money laundering and TF offenses;
• Improving national cooperation and coordination;
• Enhancing customer due diligence and record-keeping practices;
• Increasing transparency and beneficial ownership of legal persons.

Conclusion

The report concludes that Jordan has made progress in combating ML/TF, but more needs to be done to address the remaining weaknesses. The recommendations outlined in the report provide a clear roadmap for improvement, and it is essential that Jordan’s authorities take concrete action to implement these measures and bring its anti-money laundering and CFT regime into line with international standards.

Technical Compliance Annex

The full technical compliance annex is available on request.