Financial Crime World

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Jordan’s Fight Against Money Laundering and Terrorist Financing Takes a Step Forward

Amman, Jordan - The Hashemite Kingdom of Jordan has made significant progress in combating money laundering (ML) and terrorist financing (TF), according to the latest report by the International Cooperation Review Group.

Key Findings and Recommendations

The report highlights several key findings and recommended actions aimed at strengthening Jordan’s AML/CTF framework. Some of the notable achievements include:

  • Deprivation of TF assets and instrumentalities: The report commends Jordan for taking swift action to freeze and seize assets linked to terrorist financing.
  • Consistency of measures with overall risk profile: The country has demonstrated a good understanding of its ML/TF risks and has implemented measures to mitigate them.

However, the report also identifies areas that require improvement. For instance:

  • Financial sanctions: While Jordan has imposed some financial sanctions related to proliferation and terrorism, more needs to be done to make these measures more effective.
  • Preventive measures: The country’s financial institutions and DNFBPs (Designated Non-Financial Businesses and Professions) need to improve their understanding of ML/TF risks and implement more robust customer due diligence procedures.

Recommendations

To address these weaknesses, the report makes several recommendations. These include:

  • Assessing risks and applying a risk-based approach
  • Enhancing national cooperation and coordination among different agencies
  • Strengthening laws related to money laundering and terrorist financing
  • Improving record-keeping and internal controls

Full List of Recommendations

The full list of recommendations made by the International Cooperation Review Group is available below:

  1. Assessing risks and applying a risk-based approach
  2. National cooperation and coordination
  3. Money laundering offense
  4. Confiscation and provisional measures
  5. Terrorist financing offense
  6. Targeted financial sanctions related to terrorism and terrorist financing
  7. Targeted financial sanctions related to proliferation
  8. Non-profit organizations
  9. Financial institution secrecy laws
  10. Customer due diligence
  11. Record-keeping
  12. Politically exposed persons
  13. Correspondent banking
  14. Money or value transfer services
  15. New technologies
  16. Wire transfers
  17. Reliance on third parties
  18. Internal controls and foreign branches and subsidiaries
  19. Higher-risk countries
  20. Reporting of suspicious transactions
  21. Tipping-off and confidentiality
  22. DNFBPs: Customer due diligence
  23. DNFBPs: Other measures
  24. Transparency and beneficial ownership of legal persons

Contact

For more information, please contact the International Cooperation Review Group at [insert email address] or [insert phone number].