EBRD and Central Bank of Jordan promote awareness of financial crime

By Nibal Zgheib

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  • Workshop for Jordanian financial institutions to curb money laundering and financing of terrorism
  • EBRD and Central Bank of Jordan strengthen the capacity of the local financial sector to prevent and combat financial crime
  • International experts discuss international best practice for increased transparency and competitiveness of the banking sector

The European Bank for Reconstruction and Development (EBRD) and Central Bank of Jordan have joined forces to promote increased transparency of the banking sector in Jordan, in line with best international practice. This was the focus of a workshop on anti-money laundering (AML) and combating the financing of terrorism (CFT) that took place in Amman on 4 and 5 July 2022.

Developing, strengthening and maintaining robust controls over money laundering and terrorism financing, as well as managing sanctions risk, are key to ensuring that financial institutions and the banking sector operate in line with international best practice. They are also central to developing and maintaining a well-governed, resilient and competitive banking sector.

Over two days around 130 participants from 60 local financial institutions – including banks, microfinance institutions, insurance companies and payment companies – attended multiple training sessions on the internal control framework used to identify, rate, assess and mitigate risk.

Participants and international experts explored the challenges of developing and strengthening risk-based AML and CFT controls, covering topics such as monitoring and analysing suspicious transactions, creating a methodology to manage compliance with sanctions measures, and defining the systems needed to capture this risk. They also explored new approaches to detect suspicious transactions induced by the Covid-19 crisis.

 

Philip ter Woort, EBRD Director for the Eastern Mediterranean region, said: “We are very pleased to support the Central Bank of Jordan in its work to increase the resilience and competitiveness of the Jordanian banking sector on the basis of best international AML/CFT practices. Maintaining a strong, transparent, well-regulated banking sector is vital for Jordan’s economic growth post-Covid-19.”

Adel Al-Sharkas, Governor of the Central Bank of Jordan, commented: “We thank the EBRD for its ongoing support and cooperation. The workshop intends to focus on some of the most important obligations stipulated in AML law, as well as cover the Financial Action Task Force (FATF) standards and requirements to identify and assess the risks of potential breaches, non-implementation or evasion of the targeted financial sanctions. We believe this workshop will help create lasting awareness for the financial institutions in the field.”

Since it started investing in Jordan in 2012 the EBRD has provided more than €1.7 billion in financing through 64 projects in the country, including providing financial support to the Jordanian banking sector through loans to micro, small and medium-sized enterprises, and trade finance facilities.

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