Lightly grease and line bottom of a 9" springform pan with parchment paper; set aside.
Beat almond paste, butter, and granulated sugar at medium speed with a heavy-duty stand mixer until blended. Add eggs, 1 at a time, beating until blended after each addition. Beat in liqueur.
Combine flour and baking powder; add to butter mixture, beating at low speed just until blended. Spread batter into prepared pan.
Bake at 325° for 1 hour or until cake is golden and edges spring back when lightly touched. Cool completely in pan on a wire rack. Dust cake with powdered sugar, and serve with Cranberry Jam.