Ulaanbaatar
Chairwoman of Financial Regulatory Commission dismissed
Politics
Ulaanbaatar /MONTSAME/. At its regular plenary meeting held today, November 21, Parliament approved dismissal of Chairwoman of the Financial Regulatory Commission (FRC) S.Davaasuren. It is deemed that the FRC has failed to perform its duties to maintain financial market stability, ensure effective law implementation and protect consumers’ interests in a satisfactory manner.
A professional union of non-banking financial institutions and savings and credit cooperatives have repeatedly filed complaints to the chair of the FRC. Moreover, a working group of the parliament has given instructions on its activities, which the FRC was unable to fulfill.
Parliament Speaker G.Zandanshatar mentioned, during the meeting, that the governance system and functions of the non-banking financial institutions must be reformed.
In compliance with the Law on the Legal Status of Financial Regulatory Commission, Chairwoman S.Davaasuren submitted a resignation letter voluntarily concerning the poor performance of the organization, which created conditions leading to an identification by Financial Action Task Force Mongolia as a jurisdiction with Anti-Money Laundering/Combating the Financing of Terrorism deficiencies or so-called ‘Grey List’.
The Parliament speaker, on November 8, first presented the issue of the dismissal at the Parliament meeting. Today, 60.5 percent of Parliament members present voted in favor of her dismissal.
