Cancelling the publication of information related to the real beneficiary on the department’s website so that the information is preserved in the department’s records and with the company’s records. A sign has been placed on the site stating that any information about the real beneficiary about the registered companies is kept with the Companies Control Department and the company’s own records and management, as well as any information related to the beneficiary. The real companies subject to the license are available at those authorities and the regulatory authorities subject to them.
The supervisory bodies, including the Integrity and Anti-Corruption Commission, are connected electronically with the aim of facilitating the exchange of information between them and the establishment of a profile of persons involved in corruption cases, thus facilitating the identification of the persons who benefit from corruption crimes in real and not nominally.
The Integrity and Anti-Corruption Commission developed the (draft law of illicit financing), which is the legal framework that regulates the issue of financial disclosure and specifies the persons to be subjected to declared, and at the same time criminalizes illicit gain. In addition, fighting corruption and setting stricter penalties against the defaulters. Article 13 include penalties also include confiscation and a high fine. This project guarantees an effective contribution to determining the identity of the beneficial owner, as this project was completed and submitted to the Prime Ministry for presentation to the House of Representatives. It aims to reveal the final destination of the property and money resulting from Corruption, its recovery and the prevention of conflicts of interest, thus achieving the cornerstone of identifying the true utilitarian properties and identifying their beneficial owners.
Rasheed (TI-JO) in cooperation with JIACC & open ownership conducted training on the importance of beneficial ownership and its practices to civil servants, and a new cooperation is under preparation to review relevant legislation.
The Current situation:
1. Anti-Money Laundering and Counter-Terrorism Financing Law: The Anti-Money Laundering and Counter-Terrorism Financing Law’s Amendments No. (46) for the year 2007: identified the beneficial owner and mentioned the necessity of relevant government entities to do the maximum effort to identify the beneficial owner of the assets in articles 14 and 6 of the same law.
2. Instructions and regulations related to the Anti-money laundering and counter terrorist financing law.
2.1 The Anti-money laundering and counter terrorism financing law instructions for Securities activities of 2010.
2.2 Anti-money laundering and counter terrorist financing instructions for licensed real estate offices of 2018.1
2.3 Anti-money laundering and counter terrorist financing instructions for agencies providing postal services No. 2 of 2018.
2.4 Jordanian Trade Law No. 12 of 1966, in which Article 11 stipulates that: “Anyone who advertises in newspapers, bulletins, or any other medium on the place that he established and opened to engage in commercial business is considered a merchant, and if the trade does not take a profession familiar to him”. If a person trades a trade under a pseudonym or disguised behind another person, then it is considered a merchant if it is considered the real merchant and the legal implications of this trait.
2.5 Procedures taken by the Companies Control Department to identify and raise awareness beneficial ownership and beneficial owners.
1. Create a central registry of utilitarian ownership – the real beneficiary – in the money-laundering unit of the central bank, as it is concerned and in accordance with the Anti-Money Laundering and Terrorist Financing Law of 2007 to follow up on the implementation of everything related to the real beneficiary, and that it take charge of monitoring companies and the record of charities and any governmental agencies or private institutions Like associations – by providing the unit with information and data about the real beneficiary of its activities.
2. Reviewing legislation related to utilitarian ownership, such as companies and banks, money laundering and combating terrorism if necessary, and in a manner consistent with the implementation of that commitment, taking into consideration the principles of privacy and banking secrecy, whereby implementing the obligation requires information related to what the real beneficiary has, especially bank accounts.
3. Being acquainted with best practices and experiences of countries that have complied with the decisions and have put in place the necessary mechanisms to implement that commitment.