Jordan Times
Thursday, February 17, 2005
Jordan to boost terror cash
crackdown
By Rami Abdelrahman
AMMAN — Jordan on Wednesday said it will strengthen its efforts to combat money
laundering and the financing of international terrorism. Finance Minister
Mohammad Abu Hammour said an anti-money laundering and counterterrorism
financing law will be drafted by the Cabinet later this month and submitted to
Parliament for endorsement.
The draft law will monitor the tracking of the origin of funds in all financial
transactions, including deposits, transfers and purchase of stocks and real
estate, Abu Hammour told reporters at a joint press conference with US Treasury
Undersecretary for the Office of Terrorism and Financial Intelligence Stuart
Levey.
Levey, who is in Amman for talks with officials on international efforts to
fight terrorism financing and money laundering schemes, said the US was ready to
help strengthen the country's financial system against abuse by terrorist
organisations as a “preventive” measure. He did not elaborate.
Levey met with executives of the Arab Bank, which has been slapped with several
lawsuits, filed by lawyers representing the families of US citizens who were
killed or injured in violence in the occupied Palestinian territories. The
lawsuits accuse the bank of transferring money to the families of suicide
bombers.
The US treasury official said the talks were positive and that the executives
told him that they viewed the situation “as an opportunity to improve their
operations worldwide.”
One of the largest financial institutions in the Arab world, the Arab Bank has
denied the accusations. In a recent interview with Reuters, Shukry Bishara, Arab
Bank's chief banking officer, said the bank has been committed to contributing
to the stability of the Palestinian economy as well as promoting peace by
financing development projects in the territories.
Abu Hammour reiterated the government's support for the Arab Bank, adding he was
confident that the accusations against it were false. He said the government was
working closely with the bank to see that the situation is resolved in “the best
way, and in compliance with US law.”