In recent years, Jordan has been working to strengthen its AML/CFT framework in order to better target money laundering and terrorist financing risks. Significant deficiencies remain, however, including: 1) the lack of capacity and practical procedures for regulators to examine effectively the compliance of reporting entities under Jordan’s AML Law; 2) the lack of capacity among regulators to supervise sectors at risk of money laundering and terrorist financing but which are soon to-be included as reporting entities under the AML Law (e.g., non-profit organizations); 3) the lack of implementation of international resolutions (e.g., United Nations Security Council Resolutions, or UNSCRs); and 4) the lack of consistent and effective inter-agency coordination on AML/CFT issues, particularly between regulators and law enforcement.
In Jordan, FSVC first conducted an expert assessment in February 2015, to determine the progress made by key regulatory agencies following the training they received from the FDIC between 2007 and 2010. The assessment covered the legal, regulatory, operational and organizational changes made to align local policies and practices with international AML/CFT best practices and standards. FSVC also conducted consultations with representatives of 12 public institutions and 1 private institution to discuss their current AML/CFT policies and procedures, and their capacity to identify, analyze, investigate and prosecute money laundering and terrorist finance cases. Based on this initial assessment, FSVC designed a series of technical assistance projects to help address remaining AML/CFT regulatory gaps in JoThe FSVC team worked seamlessly in sharing the responsibilities to be fulfilled to deliver high-impact technical assistance. Through a series of 5 projects, FSVC worked with regulatory agencies in Jordan to address several of these deficiencies.
- 1 assessment report outlining the impact of initial FDIC trainings and remaining skills and knowledge gaps was issued;
- 112 supervision staff were trained in international AML/CFT standards;
- FSVC assisted the NPR in reviewing its NPO supervision manual (once finalized, the manual will be sent to line ministries which carry out field supervision of NPOs) , with more emphasis on the implementation of a risk-based approach to AML/CFT supervision;
- 71 examination staff from regulatory institutions were trained at regulatory and/or government institutions (e.g., AML Unit, JSC and the Central Bank of Jordan);
- FSVC delivered 5 resulting reports and/or presentations to staff at regulatory agencies to increase knowledge-sharing; and
- FSVC helped the JSC improve its AML/CFT examination manual, and helped the AML Unit improve its SAR template