CBJ reaffirms commitment to anti-money laundering efforts

AMMAN — Jordan is committed to anti-money laundering and combating the financing of terrorism (AML/CFT), Governor of the Central Bank of Jordan (CBJ) Adel Sharkas said on Monday. 

During the opening ceremony of a forum regarding compliance with international standards related to AML/CFT, Sharkas highlighted the CBJ efforts to improve the requirements of international standards, notably through the issuance of guidelines and holding   capacity-building training programmes.

The forum was organised by the Union of Arab Banks (UAB), in cooperation with the Association of Banks in Jordan (ABJ), the Jordan News Agency, Petra, reported. 

The event is part of the Kingdom's efforts to lead international cooperation in AML/CFT, the Jordan News Agency, Petra, reported.    

The CBJ, through the national committee of anti-money laundering and combating the financing of terrorism, has reviewed and introduced amendments to the related legislation to comply with Financial Action Task Force (FATF) standards, which resulted in the issuance of the new anti-money laundering and combating the financing of terrorism law, as well as a new “Companies Law” that addresses shortcomings in the "actual beneficiary" of financial operations, according to Petra.

Secretary General of the UAB Wissam Fattouh said that the volume of money laundering operations around the world is enormous, and growing. 

"It could reach some $2 trillion annually, which is equal to 5 per cent of the global GDP,” Fattouh said.

ABJ Chairman Bassem Salem called for allocating additional sources to support anti-money laundering, stressing the Jordanian banks’ adherence to all standards and regulations related to AML/CFT, and further emphasising their cooperation with all related bodies, including the higher committee of anti-money laundering and combating the financing of terrorism.