Financial Crime World

Jordan Takes Bold Steps to Combat Corruption with New Financial Institution Anti-Corruption Policies

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Amman, September 2016 - In a significant move to strengthen national integrity and promote transparency in official institutions, Jordan has introduced new anti-corruption policies aimed at consolidating the country’s governance and supervision of public funds.

New Law Strengthens National Integrity

The Independent Commission for Accountability and Justice (IACC) Law, issued earlier this year, is designed to prevent suspicious acts and practices, control corrupt acts, and ensure the enforcement of laws. The law is a major step forward in Jordan’s efforts to tackle corruption, which has long been a challenge for the country.

Key Provisions of the Law

  • The IACC can prosecute anyone who commits any of the acts of corruption outlined in Article 16(a), including:
    • Crimes against job duties
    • Economic crimes
    • Failure to declare investments
    • Abuse of power
  • The Commission also has jurisdiction over corruption offences relating to international conventions ratified by Jordan
  • Certain cases are excluded from the law’s jurisdiction, including disputes between individuals, complaints already filed before courts, and cases within the jurisdiction of other supervisory bodies

Effective Investigation and Prosecution

To ensure effective investigation and prosecution, Article 17 creates a specialized Prosecution Department in the judicial body, staffed with well-trained prosecutors familiar with white collar crimes. The head of the IACC can also seek assistance from: + Judicial officers + Officials from other ministries + Police officers

Significant Punishments for Corrupt Acts

The law introduces significant punishments for corrupt acts, including: + Imprisonment for not less than four months + A fine of not less than 500 Jordanian Dinars and not more than 5,000 Jordanian Dinars

Protection for Witnesses and Informants

Article 24 establishes a Legal Witnesses Programme, which provides protection for their identities, residences, and offers housing in special cases where danger exists. The programme also uses modern technology to facilitate the process of giving testimony.

Measures to Ensure Accountability

The law sets out measures to ensure that cases regarding the collection of proceeds derived from corruption cannot be dropped or withdrawn, and that those responsible are held accountable.

Implications for Foreign Investors

Jordan’s new anti-corruption policies have significant implications for foreign investors, who can now consider Jordan an attractive hub for future enterprises in the Middle East. The country’s location at the heart of the region makes it a safe area compared to some of its neighboring countries, where corruption remains a major challenge.

Promoting Transparency and Accountability

The introduction of these policies is expected to promote transparency and accountability in Jordan’s public sector, paving the way for greater economic growth and stability in the region.