Al-Fayez: Jordan has achieved prominent international progress in combating money laundering and terrorist financing

Al-Fayez's remarks came during his meeting on Sunday at the Senate with the President of the Financial Action Task Force for the Middle East and North Africa (MENAFATF) against Money Laundering and Terrorist Financing, Hamed Al-Zoubi, and the accompanying delegation.

Al-Fayez pointed out that Jordan's efforts in combating money laundering and terrorist financing come within the framework of a solid national strategy aimed at strengthening the economic security system, protecting the national financial system, and contributing to regional and international stability.

He noted that Jordan is aware that the crimes of money laundering and terrorist financing represent a transboundary threat affecting stability and development; therefore, it has worked to establish an integrated system harmonized with international laws to confront them, and has strengthened coordination with all Arab and international entities to mitigate the risks arising from them.

Al-Fayez mentioned that the Senate has approved the Anti-Money Laundering and Counter-Terrorist Financing Law to curb money laundering and terrorist financing crimes, which also obligates all financial institutions and public and private sector institutions to report any suspicious transactions.

He added, "Jordanian efforts in combating money laundering and terrorist financing resulted in 2023 in the removal of Jordan's name from the grey list (the list of countries under monitoring), in recognition by international bodies of the effectiveness of Jordanian procedures and legislative system in combating this phenomenon and the crimes resulting from it."

Al-Fayez explained that pursuant to the Anti-Money Laundering and Counter-Terrorist Financing Law, the National Committee for Combating Money Laundering and Terrorist Financing was formed to assume all tasks and powers related to combating money laundering, terrorist financing, and the proliferation of weapons of mass destruction, in addition to formulating general policies, developing strategies, and adopting necessary plans to combat money laundering and terrorist financing in the Kingdom.

He noted that Jordan does not tolerate the fight against money laundering and terrorist financing; therefore, it has strengthened oversight over banks, exchange companies, money transfer operations, and electronic payments, and has obligated everyone to disclose the sources of funds and cross-border transfer operations. Nevertheless, challenges remain in light of global developments in financial crime methods, which requires continuous development, updating, and strengthening of executive capacities.

Al-Fayez said that Jordan is constantly working to enhance its national system for combating money laundering and terrorist financing to safeguard the safety of its economy and international reputation, and to contribute to joint global efforts, as Jordan's keenness on its financial and economic security is an integral part of comprehensive national security.

He affirmed that the Senate has approved all legislation related to combating money laundering and terrorist financing and various related laws, and that through its oversight role, it monitors the commitment of relevant entities to implementing the law and adhering to international agreements signed by Jordan concerning the fight against money laundering and terrorist financing.

For their part, the head and members of the committee commended all Jordanian measures related to combating money laundering and terrorist financing, which—thanks to laws and institutional work—led to the removal of Jordan's name from the grey list.

They affirmed the committee's keenness to cooperate with Jordan and provide the necessary support and backing to continuously enable it to face challenges associated with money laundering and terrorist financing, especially in light of technological development and the increase in financial crimes linked to this development.