Jordan Drafts New Law to Track Crypto and Freeze Hidden Assets
Jordan's new draft law targets virtual assets and unexplained wealth. It aims to strengthen financial oversight and investigative powers.
Key points
- The draft law amends 29 articles of the 2021 legislation. It adds virtual assets to reporting requirements. Providers must now conduct risk assessments.
- Prosecutors gain power to freeze assets without notice. Courts can confiscate unexplained wealth. This applies even without a specific conviction.
- The Financial Intelligence Unit gains legal independence. It can halt suspicious transactions. The Ministry of Justice manages cross-border cooperation.
Jordan published a draft anti-money laundering law on Wednesday. The document amends 29 articles of the 2021 law. It seeks to modernize financial oversight.
The proposal covers virtual assets and crypto providers. These entities must now follow strict customer checks. The goal is to track illicit funds better.
Expanding oversight to digital assets
Crypto service providers join the list of reporting entities. They must perform customer due diligence. Risk assessments are now mandatory for them.
Officials may restrict cash payments for specific goods. Electronic payments could become mandatory. This requires Cabinet approval to implement.
New powers for asset recovery
Prosecutors can freeze assets without prior notice. This applies to property exceeding legitimate income. Courts can confiscate unexplained wealth.
No formal conviction is needed for these seizures. Special techniques like wiretapping are permitted. These require written judicial orders to proceed.
Strengthening institutional independence
The Financial Intelligence Unit gains legal personality. It remains linked to the Central Bank. It can now halt suspicious transactions temporarily.
The Ministry of Justice handles cross-border requests. This aids global asset recovery efforts. The source is petra.gov.jo. The law targets financial crime.
