Jordan’s Anti-Money Laundering Regime Under Scrutiny: FATF Conducts Mutual Evaluation

The Hashemite Kingdom of Jordan has undergone a rigorous evaluation by the Financial Action Task Force (FATF) to assess its anti-money laundering (AML) and combating terrorism financing (CFT) regime. The evaluation was conducted using the FATF’s AML/CFT Methodology 2004, which is based on the Forty Recommendations 2003 and Nine Special Recommendations on Terrorism Financing 2001.

Evaluation Objectives

The review process for Jordan was carried out to ensure that the country’s financial system is adequately protected from money laundering and terrorist financing risks. The evaluation aimed to assess Jordan’s compliance with international standards for AML/CFT, as well as its effectiveness in implementing and enforcing its regulations.

FATF’s New Procedures for Identifying Deficiencies

In June 2009, FATF introduced new procedures to identify and work with jurisdictions that have significant deficiencies in their AML/CFT regime. The objective of these procedures is to protect the international financial system from money laundering and terrorist financing risks by encouraging greater global compliance with international standards.

Implementation of New Procedures

The International Cooperation Review Group (ICRG) will manage the implementation of these procedures, which are designed to promote transparency and cooperation among countries to combat ML/FT threats. These procedures include:

• Identifying jurisdictions with significant deficiencies in their AML/CFT regime
• Encouraging these jurisdictions to address identified deficiencies
• Providing technical assistance and other forms of support to help jurisdictions improve their AML/CFT regime

By implementing these new procedures, FATF aims to promote greater global cooperation and compliance with international standards for AML/CFT, ultimately protecting the international financial system from money laundering and terrorist financing risks.