Amman - The Central Bank of Jordan (CBJ) on Wednesday issued new instructions to the country's licensed money changing businesses for tightening the grip on money laundering practices. The new rules have the aim of "tightening preventive procedures that should be followed by money changers so that their activities are not exploited in illegal actions," the CBJ said in a statement.
The CBJ said that the new instruction, which had been adopted in cooperation with the country's Anti-Money Laundering Unit, were "in line with the provisions of the 2007 Money Laundering Law as well as the requirements of the international criteria and accords ratified by the Kingdom."
The new instructions, which replaced those issued in 2001, make it imperative for money changers to be sure of the identity of their clients and refrain from doing business with people who fail to prove their identity.
There are about 125 money changing establishments in Jordan with a total capital of about 50 million dollars, bankers said.
Jordan maintains close cooperation with the United States and other Western powers in spheres of fighting terrorism and money laundering, which has the primary aim of cutting off financing outlets from suspected terror groups, Amman-based diplomats said.
