Ulaanbaatar
Governor of central bank dismissed
Politics
Ulaanbaatar /MONTSAME/. During the plenary meeting of Parliament session on November 21, Governor of the Bank of Mongolia N.Bayartsaikhan was dismissed from his position.
In 2017, country started facing a risk to be included in the Financial Action Task Force’s ‘Grey List’, being identified as a jurisdiction with Anti-Money Laundering/Combating the Financing of Terrorism deficiencies and had been in need of fulfilling the intergovernmental organization's recommendations.
In June 2019, the Parliamentary Standing Committee on Economy concluded that the Bank of Mongolia could not satisfy its commitment to the FATF. In addition, the standing committee backed a resolution on the dismissal of the Governor of the Bank of Mongolia on November 5 in accordance with the law on Central Bank.
With regard to the situation, the governor of the central bank N.Bayartsaikhan voluntarily submitted a letter requesting for his resignation to the Parliament Speaker on November 18.
At the today’s session, 57.1 percent of the members present and voting backed the dismissal of the central bank governor.
