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Jordan Takes Step Towards Transparency by Committing to Beneficial Ownership Disclosure

Jordan has taken a significant step towards increasing transparency in its financial sector, committing to beneficial ownership disclosure. This move comes as part of the country’s efforts to access funds through the International Monetary Fund (IMF) Rapid Financing Instrument.

A Major Milestone in the Fight Against Corruption and Money Laundering

According to sources, Jordan made this commitment on May 13, 2020, marking a major milestone in the country’s fight against corruption and money laundering. The decision follows the country’s participation at the 2016 UK Anti-Corruption Summit, where it also pledged to disclose beneficial ownership information.

A Win for Transparency Advocates

The commitment is seen as a major win for transparency advocates, who have long pushed for greater openness in Jordan’s financial sector. Beneficial ownership disclosure requires companies to reveal the true owners of their shares and assets, helping to prevent money laundering and corruption.

Implementing the Commitment

Jordan has already made significant progress towards implementing this commitment, with a capacity-building workshop on beneficial ownership transparency held in partnership with Transparency International Jordan in 2020. The workshop brought together key stakeholders from various sectors, including:

  • Government agencies
  • Civil society organizations
  • Legal sector professionals

Next Steps and Impact

While more work remains to be done, Jordan’s commitment to beneficial ownership disclosure is an important step towards increasing transparency and accountability in its financial sector. As the country continues to implement this commitment, it is expected to have a positive impact on the fight against corruption and money laundering.

Tracking Progress

Data on Jordan’s progress towards implementing beneficial ownership transparency can be found on the Open Ownership map.

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