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Anti-Money Laundering

Jordan will work together with other countries to share information between respective public-private partnerships to ensure the most effective response to international money laundering.

Country: Jordan

Status: ongoing

Themes: Uncategorised

Last updated: April 2020

Classification:

Concrete: Concrete | New: Somewhat New | Ambitious: Somewhat Ambitious

  • 2 Notes:

    The Anti-money laundering and counter terrorist financing law No. (46) of 2007 regulates all aspects related to fighting the crime of money laundering and terrorist financing and punishing its perpetrators. In accordance with the law, the Anti-Money Laundering and Terrorist Financing Unit was established as an independent unit, linked to the Governor of the Central Bank of Jordan, and specialises in receiving notifications related to any suspected operations on money laundering or terrorist financing. The unit has the right to exchange information with international counterpart units on the condition of reciprocity, provided that this information is used only for purposes related to fight money laundering and terrorist financing. With the condition of obtaining the approval of the counterpart unit that provided that information and the unit has the ability to conclude memoranda of understanding with counterpart units to organise cooperation in this regard. The unit is a member in the EGMONT group since 2012 and has commented and participated in many papers issued by the group. A national assessment of the risks of money laundering and terrorist financing has been developed, according to the methodology of the International Monetary Fund, by 30 national stakeholders including the private sector. According to the mentioned assessment, a national strategy has been prepared to fight money laundering and terrorist financing for the years (2019-2021) which aims to help reduce the risks of money laundering and terrorist financing in Jordan and to enhance the efforts made by all sides to combat these two crimes. As for the most prominent efforts made in the field of strengthening the relationship between the unit and the private sector in the field of exchanging information related to notifications about operations suspected of being linked to money laundering or terrorist financing: 1. Feedback: The unit provides feedback to the reporting parties. 2. Develop an online system to notify about suspects linked to money laundering and terrorist financing of the unit go (AML). 3. Guiding manual to fight money laundering and terrorist financing for banks, exchange companies and payment service providers in the Jordan. 4. The unit participates in numerous meetings, conferences and training workshops held for the private sector. The unit also provides presentations for the purposes of capacity building and awareness raising in the field of fighting money laundering and terrorist financing. The unit publishes its annual reports on its website, which includes the activities of the unit at the national, regional and international levels, and statistics on reporting and reports received for the unit about operations suspected of being linked to money laundering and terrorist financing. Also the asset recovery and anti-Money laundering department at JIACC coordinates with the authority concerned to implement the national strategy to fight money laundering and terrorist financing. The amendments to the anti-money laundering law allow for sharing information among national and international authorities. In addition, the Anti-Money Laundering and Terrorist Financing Unit's website has recently been updated (2020) and it shows several bilateral agreements (Turkey, Cyprus, UEA, Palestine, South Africa, Algeria, Syria, Iraq, Russia, Saudi Arabia, Morocco, Yemen, Belgium, Indonesia, Sudan, UK, Bangladesh, Japan, Australia, Canada, Panama, Kosovo and Libya). Similarly, the Unit has agreements with the insurance commission, the central bank and sales tax department.

    Peer reviewer: 1

    Updated: April 30, 2020

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