THE ROLE OF COMMERCIAL BANKS TOWARDS MONEY LAUNDERING AN EMPIRICAL STUDY

Abstract

Money laundering phenomenon is considered one of the criminal phenomena that has a negative consequences on the local or international level because its strong relation with the arranged crimes especially that is related to the drugs and weapons trade and contraband ….etc. The technological advancement has a clear influence on money laundering process where the money launderers use the technological advancement to legalize the money they gain from illegal resources. This study aimed to the way that the banks follow to deal with money laundering process and the ways of detecting it and here we choose the commercial banks because they are the target of the most of money laundering process and that supervision of the commercial banks on money laundering process is considered one of the most factors in combating this phenomenon. This study found that banks use ways and techniques to limit and detect this phenomenon , however , the results of this study don’t indicate that banks don’t participate in the conferences that concern money laundering. Most of the countries try to limit this phenomenon throughout enacting the lows , using the supervision method on the financial and banking systems and supervising the entrances and borders of countries throughout the customs supervision enabling these countries to active combating money laundering processes on local level and incorporating with the other countries through regional and international channels. Some countries enact a punitive laws in order to pursue those practice money laundering . Jordan isn’t isolated from the world and will never be safe from this phenomenon and its negative effects on the society as whole and despite that there is no law concern with this phenomenon in specific , the central bank enacted the instructions about combating money laundering phenomenon.