Amman, Jordan – 22 February 2024 – The Association of Banks in Jordan, in collaboration with Eastnets, held a workshop titled “Exploitation of Trade by Global Financial Criminals.” The workshop addressed many of the challenges and threats facing the banking sector due to the proliferation of financial fraud and money laundering through trade finance.


Dr. Maher Al-Mahrouq, Director General of the Association, opened the workshop with a speech emphasizing the importance of this meeting as a joint effort to address the challenges related to the security and stability of the global financial system. He also highlighted the Kingdom’s efforts in combating financial crimes and its removal from the gray list for combating money laundering and terrorism financing, which enhances confidence in the local banking sector.


The workshop addressed the complexities and volume of global trade transactions, which are easy targets for organized crime, especially regarding financial fraud and money laundering, where up to $2 trillion is laundered annually worldwide.


In light of the difficulty of combating financial crimes through traditional methods, the importance of using advanced technology in this regard was emphasized. Additionally, during the workshop, the challenges specific to financial crimes through trade finance were analyzed, common methods of money laundering through trade finance and the difficulty of detecting them were revealed. Moreover, technological solutions that enable more effective combating of these crimes were reviewed.


The workshop was attended by a group of experts from compliance departments, information technology, and related departments in member banks. The sessions witnessed discussions and inquiries with specialized experts in this field. During the sessions, emphasis was placed on the importance of understanding and confronting these increasing crimes, and analyzing patterns of financial crimes through trade finance, which poses a significant challenge to financial and economic security.


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