Jordan’s King Abdullah issues decree forming new cabinet

Jordan’s King Abdullah appointed Omar Al-Razzaz, a Harvard-educated economist outside the ranks of the traditional political elite. (Reuters)
Updated 14 June 2018
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Jordan’s King Abdullah issues decree forming new cabinet

AMMAN: Jordan’s King Abdullah issued a decree on Thursday forming a new government led by a former World Bank economist and mandated to review a disputed tax system after widespread protests against IMF-driven austerity measures.
Abdullah, a US ally, appointed Omar Al-Razzaz, a Harvard- educated economist outside the ranks of the traditional political elite, last week to replace Hani Mulki, a business- friendly politician who was dismissed to defuse public anger that led to some of the largest protests in years. Thousands of Jordanians took to the streets in Amman and in provincial towns earlier this month against a series of tax rises since the start of the year. Protesters called for sacking the government and scrapping a tax bill which unions and civic groups blamed for worsening poverty and unemployment.
Razzaz’s 28-member cabinet is dominated by a mix of conservative politicians and Western-leaning techocrats who held sway in previous administrations, including seven women, a copy of the royal decree showed.
Official sources said the government is expected to maintain traditional support for US policies in the region and continue with International Monetary Fund-guided reforms.


Anti-money-laundering body gives Iran until February to complete reforms

Updated 26 min 23 sec ago
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Anti-money-laundering body gives Iran until February to complete reforms

  • The Financial Action Task Force said it was disappointed that Tehran had acted on only nine out of 10 of its guidelines despite pledges to make the grade

PARIS: The international group that monitors money laundering worldwide said on Friday Iran had until February to complete reforms that would bring it into line with global norms or face consequences.
The Paris-based Financial Action Task Force said after a meeting of its members that it was disappointed that Tehran had acted on only nine out of 10 of its guidelines despite pledges to make the grade.
“We expect Iran to move swiftly to implement the commitments that it undertook at a high level so long ago,” said Marshall Billingslea, the US assistant Treasury Secretary for terrorist financing, after chairing an FATF meeting.
“In line with that, we expect that it will have adopted all of these measures by February. If by February 2019 Iran has not yet done so, then we will take further steps,” he said.
In the meantime, the FATF said it had decided to continue suspending counter-measures, which can go as far as limiting or even banning transactions with a country.
Iran’s parliament approved some new measures against funding terrorism earlier this month under pressure to adopt international standards. But FATF said that it could only consider fully enacted legislation.
Members of FATF had already given Tehran until this month to bring its laws against money-laundering and funding of terrorism up to its guidelines.
Otherwise, Iran risked being returned to a blacklist of non-compliant countries that makes foreign investors and banks reluctant to deal with it.
Britain, France and Germany are trying to keep some financial channels open to Iran after the US pulled out of a 2015 nuclear deal in May and re-imposed sanctions.
Analysts say that inclusion on the FATF’s blacklist could effectively make that all but impossible.