Lawmakers debate Anti-Money Laundering and Counter-Terrorism Financing Law

[03-05-2021 03:46 PM]

Ammon News - The Lower of House on Monday began deliberations over a draft Anti-Money Laundering and Counter-Terrorism Financing Law (AML/CTF) which stiffens and details penalties for such crimes.

The draft is part of Jordan's international commitment to fight AML/CTF and the proliferation of weapons of mass destruction (WMD) pursuant to the findings of the Kingdom's 2020 mutual evaluation process, an assessment of a country's measures to combat AML/CTF and WMD proliferation.

The assessment, which approved by the National Committee for Money Laundering and Terrorist Financing Risks, showed that the overall AML risk in Jordan is "high", while the CTF 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 UNSC 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 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.

Moreover, the bill expands the scope of those subject to the law, identifies supervisory and competent bodies in the AML/CTF domain. It also expands the powers of the National Committee for Combating Money Laundering and Financing Terrorism, and defines the functions and powers of the Financial Information Unit.

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