Amman: Firas Sultan, representative of the financial and banking sector at the Jordan Chamber of Commerce, described the latest Enhanced Follow-Up Report issued by the Middle East and North Africa Financial Action Task Force (MENAFATF) as a "milestone achievement" that reflects Jordan's serious and transparent efforts to safeguard its financial and economic system.
According to Jordan News Agency, Sultan noted that Jordan's progress in meeting international anti-money laundering and counter-terrorism financing (AML/CFT) standards, increasing its compliance from 19 to 36 out of 40 recommendations, is a testament to the effectiveness of the country's legislative and regulatory framework. He emphasized that this development will significantly enhance Jordan's reputation as a safe and attractive destination for investment, especially in the financial and banking sectors.
Sultan added that this progress is the result of a comprehensive national effort led by the National Committee for Combating Money Laundering and Terrorism Financing, with close oversight by regulatory authorities, particularly the Central Bank of Jordan. He stressed the importance of continuing to build the capacity of both public and private sector institutions to keep pace with evolving international best practices.
He also pointed out that strengthening compliance with these international standards not only supports Jordan's global reputation but also reinforces the financial sector's infrastructure and builds confidence among international investors and partners in the strength and transparency of the national economy. Sultan, who also serves as Second Vice President of the Jordan Chamber of Commerce, commended the Royal directives and the leadership of state institutions in achieving this progress.
He emphasized the need to continue developing this framework in a way that fortifies the national economy and empowers financial institutions to grow with confidence and stability. MENAFATF recently released Jordan's fifth Enhanced Follow-Up Report, highlighting substantial improvements in the country's alignment with international standards for combating money laundering, terrorism financing, and the proliferation of weapons. Following the report's adoption, the number of recommendations Jordan is now deemed compliant with has risen from 19 in 2019 to 36 out of approximately 40 key international standards.