Jordan

New Documents

The Middle East and North Africa Financial Action Task Force for combating money laundering and terrorist financing published its evaluation of Jordan’s current anti-money laundering and counterterrorist framework, based on its July 2018 on-site visit.

The government of Jordan announced the start of the Annual Arab Forum on Fighting Money Laundering, Terrorist Financing and Tax Evasion, which was organized by the Arab Federation of Arab Bankers in cooperation with the Association of Banks in Jordan.

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Enforcement Actions

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Important Facts

  • The U.S. State Department classifies Jordan as a jurisdiction of concern. Although the Hashemite Kingdom of Jordan is not a regional or offshore financial center, it has a well-developed financial sector with significant banking relationships in the Middle East. Reported incidents of money laundering are rare, but anecdotal statements indicate that Jordan’s real estate sector has been used to launder illicit funds. The country's long and remote desert borders and proximity to Iraq, Syria, Saudi Arabia and Israel and the West Bank make it susceptible to the smuggling of bulk cash, gold, fuel, narcotics, cigarettes, counterfeit goods and other contraband. Smuggling endeavors tend to be small-scale and there is no discernible connection between black market goods and large-scale crimes, such as terrorism. Some reports indicate that Jordan's real estate sector has often been used to launder illicit funds.
  • KYC Covered Entities: Banks, exchange companies, and money transfer companies; securities brokers and investment and asset managers; credit and financial leasing companies; insurance companies, brokers, and intermediaries; financial management companies, postal services, and real estate and development entities; and traders of precious metals and stones
  • STR Covered Entities: Banks, exchange companies, and money transfer companies; securities brokers and investment and asset managers; credit and financial leasing companies; insurance companies, brokers, and intermediaries; financial management companies, postal services, and real estate and development entities; and traders of precious metals and stones
  • Enhanced Due Diligence Procedures for PEPs: Foreign: Yes; Domestic: Yes
  • Money Laundering Criminal Prosecutions/Convictions: Prosecutions: 0 (2015); Convictions: 0 (2015)
Source: 2016 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i | 2013 Methodology

Technical Effectiveness
Compliant : 4 High : 0
Largely Compliant : 15 Substantial : 2
Partially Compliant : 15 Moderate : 5
Non-Compliant : 6 Low : 4

BASEL i

Rank : 35/141
Score : 5.96/10

TRANSPARENCY INTERNATIONAL i

Rank : 60/180
Score : 48/100

Tax Justice Network i

Rank : 42/133
Score : 78/100