04 May 2021
The Lower of House on Monday embarked on deliberations over the draft anti-money laundering and counter-terrorism financing law, which proposes stricter penalties for such crimes.
The draft is part of Jordan’s international commitment to anti-money laundering and counter-terrorism financing and the non-proliferation of weapons of mass destruction pursuant to the findings of the Kingdom’s 2020 mutual evaluation process, the Jordan News Agency, Petra, reported.
The assessment, which was approved by the National Committee for Money Laundering and Terrorist Financing Risks, showed that the overall anti-money laundering risk in Jordan is “high”, while the counter-terrorism financing threat is “medium.”
The bill introduces detailed criminal penalties in the event that the reporting authorities do not comply with the provisions of the law. This is in addition to imposing a special penalty for violating the legislation related to the implementation of UN Security Council resolutions.
Additionally, the draft introduces harsher punishment for legal persons and the confiscation of proceeds that convicted persons collect from the crimes they commit, according to Petra.
According to the draft, an attachment and confiscation office shall be established and be directly affiliated with the Attorney General according to a bylaw to be issued for this purpose.
Read more at The Jordan Times
RiskScreen: Eliminating Financial Crime with Smart Technology
You can claim CPD minutes for this content, by signing up to our CPD WalletFREE CPD Wallet