Financial Crime World

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Financial Inclusion and Money Laundering in Jordan

The Financial Action Task Force (FATF) has released a report on the Kingdom of Jordan’s efforts to combat money laundering and terrorist financing, highlighting both progress and areas for improvement.

Progress and Challenges

According to the report, Jordan has made significant strides in implementing anti-money laundering and counter-terrorist financing measures. The country has:

  • Established a robust legal framework
  • Strengthened its financial intelligence unit
  • Improved international cooperation

However, the report also identified several challenges that need to be addressed:

  • Weaknesses in the supervision of non-profit organizations
  • Inadequate customer due diligence by financial institutions
  • Limited resources for investigating and prosecuting money laundering cases

Recommendations from FATF

The FATF has urged Jordan to address these issues and strengthen its AML/CFT framework. The organization recommends that Jordan:

  • Enhance the capabilities of its financial intelligence unit
  • Improve supervision of non-profit organizations
  • Increase efforts to investigate and prosecute money laundering cases

Financial Inclusion as a Solution

Jordan’s efforts to promote financial inclusion are also crucial in combating money laundering. Measures such as reducing cash transactions and promoting digital payments can help reduce the risk of money laundering and terrorist financing.

Coordinated Approach Needed

The FATF report emphasizes the importance of a coordinated approach to combating money laundering and terrorist financing. Jordan’s authorities must work closely with:

  • Financial institutions
  • Law enforcement agencies
  • Other stakeholders

to effectively implement AML/CFT measures and protect the country’s financial system from abuse.

Conclusion

While there are areas for improvement, the FATF report acknowledges Jordan’s progress in implementing AML/CFT measures and its commitment to strengthening its financial system.