FATF assesses Mongolia adequately implemented its recommendations

Economy
erdenejargal@montsame.gov.mn
2020-05-29 16:16:08

Ulaanbaatar /MONTSAME/. Having added to the list of countries with strategic deficiencies or so-called ‘Grey List’ of Financial Action Task Force (FATF) in October 2019, Mongolia has received the FATF’s 6 recommendations to comply with 4 action plans.


In this direction, a working group set up by the Government of Mongolia and a joint working group of a national council, private sectors and professional associations and so forth organizations have worked effectively on the matter of being removed from the list and submitted reports in a timely manner regarding the implementation of the recommendations to the FATF Asia/Pacific Group on Money Laundering (APG).

The first report submitted by Mongolia was discussed at the FATF working group meeting held in January 2020 in China. During the meeting, the FATF concluded that Mongolia had adequately implemented 3 recommendations out of 6.

Following the meeting, the FATF has announced that the mutual evaluation and related follow-up processes of all countries would be postponed for four months due to COVID-19 pandemic. However, the Minister of Finance and the Governor of the Bank of Mongolia conveyed a formal request in March 2020 to not extend the deadline and continue on the current schedule and organize the assessment meeting online. As a result, the deadline has not been postponed as agreed by the FATF.

The working group submitted the remaining 3 reports in April 2020 to the APG and presented the report successfully. The FATF assessed Mongolia’s implementation of the 6 recommendations as adequate and on-site assessment will be conducted as part of the process. Depending on the on-site assessment, it will be decided whether Mongolia to be removed from the list.

A press conference to deliver update on this matter was hosted today by relevant officials, including Minister of Finance Ch.Khurelbaatar and Bank of Mongolia Governor B.Lkhagvasuren.