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Anti Money Laundering (AML) By Country: Jordan

Anti Money Laundering (AML) in Jordan

Jordan
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Money laundering in Jordan is not considered a major problem. Nevertheless, Jordan has enacted a comprehensive Anti Money Laundering (AML) system.

An October 8, 2001 revision to the Jordan Penal Code criminalized terrorist activities, specifically including financing of terrorist organizations. Jordan reports that it has checked for assets of the suspected terrorists and terrorist organizations listed on the UNSCR 1267 Sanctions Committee’s consolidated list, although no such assets have been identified to date. In December 2004, the United States and Jordan signed an agreement regarding Mutual Assistance between their Customs Administrations that provides for mutual assistance with respect to customs offenses and the sharing and disposition of forfeited assets.

In 2006, The Central Bank of Jordan issued Regulations on Anti Money Laundering (AML) and Terrorism Financing which defines the necessary steps banks must take to ensure that money laundering efforts are prevented and all suspicious activity is properly reported.

In 2007, Jordan's Anti Money Laundering Law (No 46) was passed establishing the Anti Money Laundering Unit (AMLU), which is housed in the central bank and under the supervision of the National Committee for Combating Money Laundering. The AMLU serves as Jordan's FIU.

AML Training in Jordan

Jordan’s Regulations on Anti Money Laundering and Terrorism Financing requires financial institutions to establish systems that are guaranteed to examine the internal control and supervision systems to ensure AML effectiveness. Financial institutions in Jordan must establish ongoing AML programs and are required to keep full records of training programs for a minimum of five years.

The Economy of Jordan

Jordan's exports have significantly increased under the free trade accord with the US and Jordanian Qualifying Industrial Zones (QIZ), which allow Jordan to export goods duty- free to the US. In 2006, Jordan reduced its debt-to-GDP ratio significantly. These measures have helped improve productivity and have made Jordan more attractive for foreign investors.

Before the Iraq war, Jordan imported most of its oil from Iraq. Since 2003, however, Jordan has been more dependent on oil from other Gulf nations. The government ended subsidies for petroleum and other consumer goods in 2008 in an effort to control the budget. The main challenges facing Jordan are reducing dependence on foreign grants, reducing the budget deficit, attracting investments, and creating jobs.

Banking In Jordan

The Central Bank of Jordan serves as the banking regulator in Jordan, as well as the issuer of currency.

Jordanian Currency

The currency is Jordan is the Jordanian Dinar. Prior to 1965, the currency was the Palestinian Pound.

Banknotes are currently issued by the Central Bank of Jordan in 1, 5, 10, 20, and 50 Dinar. Coins are issued in piatres and qirsh in both English and Arabic coins.

Other Key Statistics of Jordan

Time Zone: UTC+2 (7 hours ahead of Washington, DC during Standard Time) Daylight Saving Time: +1hr, begins last Thursday in March; ends last Friday in September .

Location: Middle East, northwest of Saudi Arabia.

Population: 6,798,324 (June 2015 est.)

Labor Force: Approximately 5% work in agriculture, 12.5% in industry and 82.5% in services industries. The unemployment rate is 13.5%.

Languages Spoken: Arabic (official), English widely understood among upper and middle classes.

Trade Organizations: Jordan is a member of the World Trade Organization (WTO).

 

A Free Overview Of Anti Money Laundering (AML) For Jordan.