Jordan taken off grey list, triumphs in fight against financial crimes

AMMAN — Jordan has been removed from the grey list in the fight against money laundering and terrorist financing in a record-breaking time, according to officials.

The Association of Banks held its first quarterly briefing on Thursday, where the announcement of Jordan’s removal from the grey list was made.

Adel Sharkas, the governor of the central bank expressed pride in the significant national achievement accomplished by the National Committee for Combating Money Laundering and Terrorist Financing, with the support of all Jordanian national institutions. 

He affirmed Jordan’s role in combating financial crimes and supporting the stability of the financial and economic system.

“Jordan made significant progress in combating money laundering, terrorist financing, and weapons proliferation through the implementation of effective strategies aligned with international standards,” Sharkas said.

Jordan was placed on the grey list in October 2021, according to Sharkas, who highlighted that the addition to the list coincided with COVID-19 pandemic, putting additional challenges on advancing our financial progress. However, Jordan made significant strides and achieved removal from the list in a short period of time. 

After submitting the fourth report, Jordan hosted the assessment committee, which assessed tangible developments and procedures leading to the removal from the list, Sharkas explained. He added that financial institutions currently undergo a notable difference in the time it takes for financial transactions to be completed, particularly with the European Union.

Sharkas emphasised that these efforts included providing accurate and effective monitoring reports, leading to the early removal of Jordan from the international list of countries under increased surveillance. “This indicates Jordan’s commitment and high professionalism in this field,” said Sharkas.

Shurkhas stressed that Jordan met the required international standards in record time, qualifying the Kingdom for a field visit by the international committee. “This national accomplishment is the result of a collective effort by financial and governmental institutions,” Sharkas added. 

He affirmed that Jordan met international requirements in record time, due to the concentrated efforts of many departments and institutions, including the Land Department, Customs, the judiciary and the Ministry of Interior.

Sharkas also emphasised the importance of the continuity and updating of this system to ensure Jordan does not return to the grey list and maintains its international standing in combating money laundering and terrorist financing.

He stated that this announcement reflects the significant progress made by the kingdom in enhancing its financial and economic system on both regional and international levels. 

Sharkas pointed out that this achievement coincides with the success of the Jordanian government in completing the seventh review of its economic reform programme with the International Monetary Fund and reaching a new agreement for financial and monetary reform with the fund for the next four years.

For his part, Bassem Al Salem, Board Director at the Association of Banks, affirmed that the positive economic developments in the kingdom constitute essential pillars for the investment environment, highlighting the presence of modern legislation to regulate the investment environment and a distinguished legislative investment system.

The head of the Anti-Money Laundering and Counter-Terrorist Financing Unit, Samia Abu Sharif, praised the collective efforts taken by private and public institutions to achieve this accomplishment. “The legal developments in Jordan in recent times align with the latest international standards,” Abu Sharif added.

Abu Sharif elaborated on the leading role of the National Committee and the Anti-Money Laundering Unit in this context. She also touched upon the main tasks of the unit, including receiving suspicious notifications, especially from the banking sector, implementing local and international cooperation, and applying targeted financial sanctions according to Security Council resolutions.

She also emphasised the importance of implementing electronic procedures in updating supervisory and executive operations and stressed the importance of sustaining this achievement.