A delegation from the Financial Action Task Force (FATF), which is concerned with monitoring financial crimes, will visit Jordan prior to the announcement of removing Jordan from the gray list, after the group made an initial determination that Jordan had completed its action plan significantly ahead of the agreed timetable.

The group said it would conduct an on-site assessment to verify the implementation of AML/CFT reforms.

The Central Bank expected that the field visit would be at the beginning of September, and would include meetings with the national authorities concerned with implementing the Financial Action Group plan, as well as the bodies subject to the provisions of the Anti-Money Laundering and Terrorism Financing Law, including financial institutions, professions and non-financial businesses from the private sector.

A plan was drawn up to prepare for the visit of the international team, in the light of its success, a decision will be taken to remove Jordan from the list of countries under increasing (gray) follow-up.

The Central Bank said that Jordan has achieved an “important achievement” by completing the implementation of all the provisions of the Financial Action Task Force (FATF) plan, to which the Kingdom has committed since October 2021; This is before the expiry date of September 2023.

And the Financial Action Task Force (FATF) decided in its general meeting held during the period from 19 to 23 of this month in Paris that Jordan has basically finished implementing the items of the action plan to get out of the gray list.

And it decided to carry out a field visit from the review team of the group to see the measures taken within the framework of its implementation and continuity of the system of combating money laundering and financing of terrorism and the proliferation of weapons of mass destruction.

In its general statement, the Financial Action Task Force referred to the high-level political commitment made by the Jordanian government, and praised the Kingdom’s efforts and the implementation of the plan’s provisions by the concerned authorities to raise the level of compliance with international standards.

The head of the National Committee for Combating Money Laundering and Terrorist Financing/Governor of the Central Bank of Jordan, Adel Al-Sharkas, said in a statement that the announcement comes as a culmination of the Jordanian government’s efforts to get out of the gray list and from the increasing follow-up process, which includes providing the necessary support and follow-up to implement the plan and overcoming all difficulties to achieve it. The effectiveness of the national system to combat money laundering and terrorist financing and its compliance with relevant international standards.

The Circassians referred to Jordan’s firm political commitment to the compatibility of the national system to combat money laundering and terrorist financing with international standards, and to fulfill all its obligations before the expiry of the deadlines specified in the plan, which would enhance Jordan’s image and position in front of international financial institutions, and enhance investor confidence in the national economy.

He said that completing the implementation of the plan’s provisions is the beginning of a new phase in which Jordan is looking forward to preparing for the next field visit to get out of the gray list, according to the specified date.

The Circassians referred to the efforts made by several national partners in implementing the system of combating money laundering, financing terrorism and proliferation, and taking measures to improve the effectiveness of the supervisory system according to the risk-based approach to the financial sector and specific non-financial businesses and professions, raising their level of awareness and strengthening the necessary human cadres. Through the efforts made by the Central Bank of Jordan, the supervisory body over the banking sector, licensed exchange companies, insurance companies, electronic payment services, and financing companies, as well as the Jordan Securities Commission in its capacity as supervisor over financial intermediation companies.

The Circassians talked about the efforts of the Ministry of the Interior through its control over jewelery shops, the Department of Lands and Survey over real estate offices, the Bar Association and the Association of Certified Public Accountants.

The Circassians talked about the harmonization of the procedures for legal persons and the information of profit and non-profit legal persons and their control over them with international standards, ensuring transparency in the information of the real beneficiary and assessing the risks of these legal persons, including legal arrangements with each of the Companies Control Department, the Free Zones Corporation, the Register of Associations, the Ministry of Awqaf, and the evaluation of Money laundering and terrorist financing risks of virtual assets.

In addition to the above, strengthening the legal framework regarding confiscation and following up on investigations and prosecutions of money laundering and terrorist financing crimes and predicate offenses associated with them, in line with risk assessment through the competent authorities represented by the Judicial Council, the Public Prosecution, the Military Judiciary, the General Intelligence Department, the Integrity and Anti-Corruption Commission, and the Income Tax Department. Sales and the Public Security Directorate with its arms, the Directorate for Drug Control, Preventive Security and Criminal Investigation, and the General Customs Department with regard to declaring funds transferred across borders.

The legal and operational framework for targeted financial sanctions in implementation of Security Council resolutions related to terrorism and its financing and proliferation financing through the establishment of a secretariat at the Anti-Money Laundering and Terrorist Financing Unit to follow up on implementation and the formation of a technical committee headed by the unit and its deputy, the Ministry of Foreign Affairs, and the membership of each of the General Intelligence Department, the Ministry of Justice, and the Ministry of Industry and Trade The Customs Department, the Ministry of the Interior, the Public Security Directorate, the Central Bank of Jordan, the Securities Commission, the Department of Lands and Surveys, the Companies Control Department and the Associations Registry, all of which have contributed to bringing about a shift in bringing about the required development.

The Circassians praised the role played by the legislative authority, which enabled Jordan to enhance the degree of technical compliance with the forty recommendations of the Financial Action Task Force, after the entry into force of the Anti-Money Laundering and Terrorist Financing Law in mid-September 2021. Jordanian legislation with the international conventions it has ratified and international standards, in addition to amending other laws and legislations within the framework of the transparency of beneficial ownership information and the accuracy of the basic data of companies.

The Governor of the Central Bank pledged to continue activating the Jordanian role in combating money laundering and terrorist financing, protecting the national financial system from the risks of financial crimes, and intensifying meetings with national authorities in the public and private sectors. With the aim of enhancing coordination and cooperation and achieving the effectiveness of the national system in combating financial crimes and taking into account the risk-based approach with clients that puts the risks and necessary procedures to reduce them in the right framework.

The kingdom