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Anti-money laundering forum kicks off in Palestine

By JT - Aug 21,2019 - Last updated at Aug 21,2019

AMMAN — Although progress has been made in combating money laundering and terror financing, much has yet to be done, Central Bank of Jordan (CBJ) Governor Ziad Fariz said on Wednesday. 

His remarks came during the inauguration of the third forum for officials in Palestine on combating money laundering and terror financing in cooperation with their Jordanian counterparts from financial institutions and the banking sector.

The CBJ governor said that the Kingdom has endorsed necessary legislative and monitoring regulations to address these issues. 

Fariz stressed the importance of exchanging expertise between the two countries to enhance awareness among officials of international standards related to money laundering and terror financing issued by Financial Action Task Force (FATF), the Jordan News Agency, Petra, reported. 

He also expressed confidence in private sector partners of financial and non-financial institutions, commending the continuous communication among stakeholders in a bid to curb these crimes.

For his part, head of the Palestine Monetary Authority Azzam Shawwa said that the Palestinian Authority is committed to applying the best international practices in fighting terror funding and money laundering.

He noted the establishment of a specialised administration at Palestinian banks for this purpose. 

Head of Anti-Money Laundering and Counter-Terrorist Financing (AML&CTF) Unit Dana Junblat said that participating countries in the two-day event — Jordan, Palestine and Lebanon — face similar challenges, which highlights the importance of exchanging expertise in efforts to combat these phenomena.

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