Financial Crime World

Jordan Strengthens Anti-Money Laundering and Counter-Terrorist Financing Framework

Amman, Jordan - A Significant Step Forward in Combating Financial Crime

The Hashemite Kingdom of Jordan has recently enacted a revised anti-money laundering (AML) and counter-terrorist financing (CFT) framework, aimed at strengthening the country’s efforts to combat financial crime. The new law replaces its predecessor, Anti-Money Laundering and Counter Terrorist Financing Law No. 46 of 2007 and its amendments.

A More Comprehensive and Robust Regulatory Framework

The revised AML/ CFT Law No. 20 of 2021 introduces a more comprehensive and robust regulatory framework. According to experts at Al Tamimi & Company’s Banking and Finance team, the new law provides for a wider scope of what constitutes money laundering and financing of terrorism, allowing for better detection and reporting of such activities.

Key Features of the New Law

  • A wider scope of what constitutes money laundering and financing of terrorism
  • Improved detection and reporting of financial crimes
  • Revised classification of entities subject to AML/ CFT obligations
    • Excludes persons or companies exercising activities supervised by the Jordan Insurance Commission
    • Makes the classification more specific and targeted
  • An exception to the prohibition on disclosure of reports submitted to the AML/ CFT Unit, allowing for reasonable relaxation of confidentiality in certain circumstances

Implementation and Enforcement

The authorities responsible for implementing and enforcing the AML/CFT Law include:

  • Central Bank of Jordan
  • Jordanian Securities Commission
  • Ministry of Industry, Trade and Supply
  • Telecommunications Regulatory Commission

These entities are required to undertake a range of procedures aimed at capturing financial crime and reporting it to the Unit.

Expected Impact

The revised AML/ CFT Law is expected to further strengthen Jordan’s efforts to combat money laundering and financing of terrorism, and to enhance the country’s reputation as a stable and secure hub for international trade and investment.

Contact Us

For more information on Al Tamimi & Company’s Banking and Finance team or how this law may impact your business, please contact: