Financial Crime World

Jordan Embraces Risk-Based Approach to Anti-Money Laundering, but Challenges Remain

Jordan has made significant progress in implementing a risk-based approach to anti-money laundering (AML), according to a recent report. The country has demonstrated a commitment to addressing money laundering and terrorist financing risks by focusing on targeted measures tailored to specific threats.

Key Areas of Improvement

  • National cooperation and coordination efforts have shown improvement.
  • Jordan’s ability to assess risk and apply a risk-based approach has been enhanced.
  • Targeted financial sanctions related to terrorism and terrorist financing have been implemented.
  • The country has taken steps to enhance its financial intelligence unit.

Challenges Ahead

While Jordan has made progress, there are still areas that need attention:

  • Confiscation and provisional measures laws remain partially compliant with international standards.
  • Measures to address the risks posed by non-profit organizations have not yet been fully implemented.
  • Financial institution secrecy laws have been deemed compliant, but this could create challenges in combating money laundering.

Commitment to AML Efforts

Jordan’s progress is significant, particularly given the complexities of implementing a risk-based approach to AML. The country has demonstrated its commitment to addressing the challenges posed by money laundering and terrorist financing, and has taken steps to strengthen its regulatory framework.

Next Steps for Jordan

To continue making progress in combating money laundering and terrorist financing:

  • Jordan must work towards full compliance with international standards, particularly in areas such as non-profit organizations and financial institution secrecy laws.
  • The government must ensure that its financial intelligence unit is fully resourced and equipped to effectively monitor and address AML risks.

Conclusion

While there are still challenges ahead for Jordan, the country’s progress in implementing a risk-based approach to AML is significant. It demonstrates Jordan’s commitment to addressing money laundering and terrorist financing risks, and sets the stage for continued improvement in the future.