Jordan completes Financial Action Task Force action plan

Nears exit from ‘grey list’

(File photo: Ameer Khalifeh/Jordan News)
AMMAN — Jordan completed the implementation of all provisions outlined in the Financial Action Task Force (FATF) action plan, which the country committed to in October 2021. اضافة اعلان

This achievement comes before the September deadline set for this year, 2023, according to the Jordan News Agency, Petra.

During its general meeting held in Paris from the 19th to the 23rd of this month, the FATF confirmed that Jordan has essentially fulfilled the action plan, signaling the country's readiness to exit the grey list.

Field visit
The FATF has also decided to conduct a field visit to examine the measures taken by Jordan to combat money laundering, terrorism financing, and the proliferation of weapons of mass destruction.

The field visit represents the final step in the FATF's procedures before officially removing Jordan's name from the grey list.

In its public statement, the FATF emphasized the high-level political commitment demonstrated by the Jordanian government and commended the efforts of relevant entities in implementing the plan's provisions, which aimed to enhance compliance with international standards.

Local effort
Adel Sherkas, chairman of the National Committee for Anti-Money Laundering and Counter-Terrorism Financing and the Central Bank Governor of Jordan, acknowledged the collaborative efforts of multiple national entities involved in implementing the anti-money laundering, counter-terrorism financing, and arms proliferation system.

Measures have been taken to strengthen the supervisory system in the financial sector and designated non-financial businesses and professions. Efforts to raise awareness and enhance human resources have also been undertaken.

The FATF's statement confirmed that Jordan has aligned procedures related to legal entities, their financial and non-profit information, and their oversight with international standards.

The country has ensured transparency in beneficial ownership information and assessed risks associated with legal entities, including those governed by the Companies Control Department, Free Zones Corporation, Associations Registry, and Ministry of Awqaf. Jordan has also assessed risks related to money laundering and terrorism financing in virtual assets.

Moreover, Jordan has strengthened its legal framework for the seizure, investigation, and prosecution of money laundering, terrorism financing, and related crimes.

The country has also enhanced its legal and operational framework for targeted financial sanctions in line with UN Security Council resolutions related to terrorism and the financing of arms proliferation.

A secretariat has been established within the Anti-Money Laundering and Counter-Terrorism Financing Unit to monitor implementation, and a technical committee comprising various entities has been formed to support these efforts.

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