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125 Banking L.J. 337 (2008)
The Anti-Money Laundering Framework in Jordan: New Laws and Regulations

handle is hein.journals/blj125 and id is 345 raw text is: THE ANTI-MONEY LAUNDERING FRAMEWORK IN JoRDAN: NEw LAWS AND REGULATIONS BASHAR H. MALKAWI The author explores jordan's adoption of anti-money laundering laws and regu- lations, concluding that while the new Jordanian laws and regulations facilitate attempts by the Jordanian government to curtail money laundering, further reform is necessary. Money laundering is a major problem for Jordan and the interna- tional community. Laundering criminally-derived proceeds has become a lucrative and sophisticated business.' Money launder- ing challenges the maintenance of order in Jordan and threatens the integri- ty and reliability of its financial institutions and commerce. In recognition of this pervasive problem, Jordan passed several laws and regulations. These laws and regulations, some of which are new, include the Law against Narcotic Drugs and Psychotropic Substances of 1988, Provisional Law on Monitoring Insurance Business of 2002, Central Bank Circular on Regulations of Anti-Money Laundering of 2006, and the new Anti-Money laundering Law of 2007. All these laws and regulations aim to decrease the level of financial crimes in Jordan and facilitate the development of a sound economy by attracting legitimate foreign investments. Bashar H. Malkawi is Assistant Professor of Commercial Law at Hashemite University, Jordan. He received an LL.B from Yarmouk University; an LL.M from University of Arizona College of Law; and an SJD from American University in Washington, D.C. The author offers special thanks to his family for their encour- agement and patience. 337