Recent development of anti-money laundering law in Jordan

Author:Ahmad Mohammad Abdalla Abu Olaim, Aspalella A. Rahman
Position:Ghazali Shafie Graduate School of Government, Universiti Utara Malaysia, Alor Star, Malaysia
Pages:316-328
SUMMARY

Purpose We are living in a time when there is a stronger requirement for co-operation to fight organized crimes and the resulting flow of illicit funds. This is due to the globalization and interconnection between world economies and financial systems, as well as with the new technologies that allow rapid movement of funds around the globe. From the early beginning, Jordan realized the importance of providing anti-money laundering technical assistance,... (see full summary)

 
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Recent development of
anti-money laundering law
in Jordan
Ahmad Mohammad Abdalla Abu Olaim
Ghazali Shae Graduate School of Government, Universiti Utara Malaysia,
Alor Star, Malaysia, and
Aspalella A. Rahman
School of Law, Universiti Utara Malaysia, Alor Star, Malaysia
Abstract
Purpose – We are living in a time when there is a stronger requirement for co-operation to ght
organized crimes and the resulting ow of illicit funds. This is due to the globalization and
interconnection between world economies and nancial systems, as well as with the new technologies
that allow rapid movement of funds around the globe. From the early beginning, Jordan realized the
importance of providing anti-money laundering technical assistance, especially at the international
level. The reason for this comes from Jordan’s strong belief that money laundering crimes can be fought
domestically as well as internationally, particularly by combining efforts between Jordan and other
countries. The purpose of this paper is to examine the development that Jordan has witnessed in the
ghting of money laundering.
Design/methodology/approach This paper relies on various laws that tackle organized
anti-money laundering in Jordan before 2007, with the Jordanian Anti-Money Laundering and Counter
Terrorist Financing Law for 2007 as the primary source of information.
Findings – Before 2007, Jordan fought money laundering through a group of laws that are indirectly
concerned with combating money laundering. While these laws govern certain crimes, they managed to
ght money laundering indirectly. By the year 2007, the Jordanian Anti-Money Laundering Law was
passed and published on the ofcial gazette on June 17, 2007. This law became effective after 30 days
from that date. The Jordanian Anti-Money Laundering Law is one of the needed laws to keep a safe
nancial environment. Jordan’s obligation in accordance to the international conventions has made the
country join and ratify the efforts, resulting in the issuing of the law. Since then, this law has become
concerned with anti-money laundering in Jordan.
Originality/value – This paper provides an examination of the system in Jordan to combat money
laundering before and after 2007. It is hoped that the content of this paper can provide some insight into
this particular area for practitioners, academics, policy makers and legal advisers, not only in Jordan but
also elsewhere. There will be signicant interest in how Jordan has been developing the anti-money
laundering system because of the international nature of the crime and its seriousness.
Keywords Jordan, Anti-money laundering law, Banking law, Narcotic drugs law, Penal law
Paper type Research paper
Introduction
The Jordanian system in ghting money laundering is a set of disparate laws that have
no direct link with money laundering, and these laws address the negative effects of
certain crimes, such as tax evasion, smuggling, drug offenses and others.
The current issue and full text archive of this journal is available on Emerald Insight at:
www.emeraldinsight.com/1368-5201.htm
JMLC
19,4
316
Journalof Money Laundering
Control
Vol.19 No. 4, 2016
pp.316-328
©Emerald Group Publishing Limited
1368-5201
DOI 10.1108/JMLC-07-2015-0027

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