Financial Crime World

Jordan’s CFT Rules for Financial Transactions Face Global Scrutiny

The Hashemite Kingdom of Jordan has come under international scrutiny following a recent mutual evaluation of its anti-money laundering (AML) and combating terrorism financing (CFT) regime. The evaluation, conducted using the AML/CFT Methodology 2004, assessed Jordan’s compliance with the Forty Recommendations 2003 and Nine Special Recommendations on Terrorism Financing 2001 of the Financial Action Task Force (FATF).

New Procedures and Regular Reviews

As a result of the new procedures adopted by the FATF in June 2009, Jordan will be reviewed regularly to ensure it meets international standards for AML/CFT. The International Cooperation Review Group (ICRG) will oversee this process, aimed at protecting the global financial system from money laundering and terrorist financing risks.

Identifying Deficiencies and Improvements

In a bid to promote greater compliance with AML/CFT rules, the FATF’s new procedures will also identify and work with jurisdictions that have significant deficiencies in their regime. Jordan’s CFT rules for financial transactions are now under scrutiny as the country strives to maintain its position as a key player in the global financial system.

The Way Forward

The evaluation has sent a clear message to Jordan: it must strengthen its AML/CFT framework to meet international standards and avoid being classified as a high-risk jurisdiction. With the FATF’s watchful eye, Jordan is expected to make significant improvements to its CFT rules for financial transactions to ensure the integrity of its financial system.

Key Takeaways

  • Jordan’s anti-money laundering (AML) and combating terrorism financing (CFT) regime was evaluated using the AML/CFT Methodology 2004.
  • The evaluation assessed compliance with the Forty Recommendations 2003 and Nine Special Recommendations on Terrorism Financing 2001 of the Financial Action Task Force (FATF).
  • Jordan will be reviewed regularly to ensure it meets international standards for AML/CFT.
  • The International Cooperation Review Group (ICRG) will oversee this process.
  • Jordan must strengthen its AML/CFT framework to meet international standards and avoid being classified as a high-risk jurisdiction.