Jordan’s Anti-Terrorism Financing Efforts Under Scrutiny as FATF Conducts Mutual Evaluation

The Hashemite Kingdom of Jordan has undergone a thorough evaluation by the Financial Action Task Force (FATF), the global standard setter for anti-money laundering and combating terrorism financing, to assess its regime against money laundering and terrorist financing.

Evaluation Process

The assessment was conducted using the 2004 AML/ CFT Methodology and was based on the Forty Recommendations 2003 and the Nine Special Recommendations on Terrorism Financing 2001. The evaluation process aimed to evaluate Jordan’s effectiveness in preventing and combating money laundering and terrorist financing, as well as its ability to implement and enforce measures to prevent these threats.

FATF’s New Procedures

The FATF adopted new procedures in June 2009 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 and to encourage greater global compliance with international standards.

International Cooperation Review Group (ICRG)

The FATF’s International Cooperation Review Group (ICRG) will manage this process, which aims to ensure that Jordan takes concrete steps to address any identified deficiencies in its AML/ CFT regime.

Implications for Jordan

The outcome of the evaluation is expected to have significant implications for Jordan’s financial sector and economy, as well as its international reputation. The country must now take concrete steps to address any identified weaknesses in its anti-money laundering and combating terrorism financing regime to avoid being placed on a list of countries deemed non-cooperative with international standards.

Conclusion

The FATF’s evaluation is a critical step in ensuring that Jordan’s financial sector is robust enough to withstand the threat of money laundering and terrorist financing. The country must now work closely with the FATF to address any identified deficiencies and demonstrate its commitment to preventing these threats.

Key Points:

• The FATF conducted a thorough evaluation of Jordan’s anti-money laundering and combating terrorism financing regime.
• The evaluation aimed to assess Jordan’s effectiveness in preventing and combating money laundering and terrorist financing.
• Jordan must now take concrete steps to address any identified weaknesses in its AML/ CFT regime to avoid being placed on a list of non-cooperative countries.
• The FATF’s evaluation is a critical step in ensuring that Jordan’s financial sector is robust enough to withstand the threat of money laundering and terrorist financing.