Money Laundering crime in Jordan

Money Laundering crime in Jordan: Challenges and Solutions

Introduction

Money laundering is a critical crime that jeopardizes the global financial system and the integrity of economic institutions by hiding the origins of illegal proceeds. It involves complicated transactions across jurisdictions, complicating law enforcement efforts. This crime is linked to other serious offenses like terrorism and drug trafficking, which impact societies negatively. Additionally, money laundering can hinder economic development by distorting markets and undermining competition, necessitating coordinated preventive measures and policies.

This article aims to shed light on the common methods used in money laundering, the challenges facing the authorities responsible for combating this crime, and the specific challenges faced by Jordan in this context. It also reviews the penalties for committing this crime in Jordan and the procedures required to obtain an acquittal.

Common Money Laundering Methods

  • Use of financial institutions:
    • Opening multiple accounts under fictitious names and depositing small amounts to avoid suspicion.
    • Using shell companies to conceal the true source of funds.
  • Investment in assets:
    • Purchasing real estate, artwork, jewelry, or luxury cars.
  • International transfers:
    • Moving funds across borders using bank transfers or exchange offices.
  • Casinos:
    • Exploiting casinos to deposit illicit funds and withdraw them as apparent winnings.
  • Shell companies:
    • Establishing companies with no real commercial activity to conceal the source of funds.
  • International trade:
    • Falsifying invoices or manipulating commodity prices to conceal the movement of illicit funds.

Challenges Facing Authorities in Combating Money Laundering

  • Evolving methods of crime:
    • Criminals resorting to modern methods such as cryptocurrencies and online platforms.
  • Lack of resources:
    • Lack of financial, human, and technological resources hinders effective analysis of financial data.
  • International cooperation:
    • Weak cooperation due to differences in laws and difficulty in exchanging information between countries.
  • Banking secrecy:
    • Laws protecting the confidentiality of bank accounts pose a significant challenge.
  • Non-financial sectors:
    • Such as real estate and jewelry, which lack strict oversight compared to financial institutions.
  • Legal challenges:
    • Proving the illicit source of funds is complex and requires precise legal procedures.
  • Corruption:
    • Corruption contributes to facilitating money laundering operations.
  • Lack of awareness:
    • Lack of awareness among institutions and individuals about the seriousness of money laundering hinders efforts to combat it.

Challenges Facing Jordan in Combating Money Laundering

Despite the efforts made, Jordan faces multiple challenges, including:

  • Geographical location:
    • Jordan’s location in a conflict-ridden region facilitates the movement of illicit funds.
  • Cash-based economy:
    • Reliance on cash transactions makes it difficult to track money.
  • Real estate sector:
    • The real estate sector is attractive for money laundering due to weak investor verification procedures.
  • Shell companies:
    • Challenges exist in detecting these companies and holding their owners accountable.
  • Legislative challenges:
    • Laws need amendments to keep pace with modern crime methods.
  • Lack of awareness:
    • Lack of community awareness of the dangers of this crime and its negative impact.

Penalties for Money Laundering in Jordan

According to the Anti-Money Laundering and Counter-Terrorism Financing Law No. (20) of 2007 and its amendments:

  • When funds are derived from a misdemeanor:
    • Imprisonment from one to three years and a fine of no less than the value of the funds in question.
  • When funds are derived from a felony:
    • Temporary labor for no less than five years and a fine of no less than the value of the funds.
  • In all cases:
    • Doubling the penalty if the perpetrator is an employee of a financial institution.
    • Confiscation of the funds in question, even if they are not owned by the perpetrator.
  • Terrorist financing:
    • Imprisonment from ten to twenty years and a fine of no less than twice the value of the funds.

Obtaining an Acquittal in Money Laundering Cases

Obtaining an acquittal requires precise steps, including:

  • Appointing a specialized lawyer:
  • An experienced lawyer reviews the file and builds a strong defense.
  • Refuting the evidence:
    • Submitting documents proving the legitimate source of funds.
  • Proving good faith:
    • Demonstrating lack of knowledge of the illicit source of funds and their use for legal purposes.
  • Cooperating with the court:
    • Providing all required information in good faith.

Jordan’s Efforts in Combating Money Laundering

Jordan established the Anti-Money Laundering and Counter-Terrorist Financing Unit within the Central Bank and participates in international and regional initiatives to enhance oversight and develop legislation.

Leading Specialized Lawyers

One of the most prominent lawyers specializing in money laundering cases in Jordan is Moayad Al-Dhiabat, who has extensive experience and deep knowledge in this field.

Top Money Laundering Defense Lawyers in Jordan

Moayad Al-Thanibat is a highly regarded lawyer with extensive expertise in money laundering cases in Jordan. Renowned for his deep understanding of this complex field, he is dedicated to providing exceptional legal defense and safeguarding the rights of his clients.

Expanding on the topic:

To further enhance this article, consider adding the following:

  • Specific examples of money laundering cases in Jordan: This can provide a more concrete understanding of the issue and its impact on the economy, law enforcement, and public trust, as well as highlight the methods used by perpetrators and the challenges faced by authorities in addressing this complex crime.
  • Statistics on money laundering in Jordan: Include data on the amount of money laundered, the types of crimes involved, and the conviction rate.
  • The role of international organizations in combating money laundering in Jordan: Discuss the involvement of organizations like the Financial Action Task Force (FATF) and the World Bank.
  • The impact of money laundering on the Jordanian economy: Explain how money laundering can distort economic indicators, undermine financial institutions, and discourage foreign investment.
  • Recommendations for strengthening Jordan’s anti-money laundering regime: Suggest specific measures that Jordan can take to improve its laws, enforcement mechanisms, and international cooperation.

Money Laundering crime in Jordan

 

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