Ulaanbaatar
Mongolia's Recommendation 15 assessment improved
Economy
Ulaanbaatar/MONTSAME/. The 25th Annual Meeting of the
Asia-Pacific Anti-Money Laundering Group - organized by the Asia-Pacific
Anti-Money Laundering Group (APG) – took place in Kuala Lumpur, Malaysia,
during 24 to 28 July, 2022. D. Bayarsaikhan (Chairman, FRC) represented Mongolia,
along with participants from related organizations.
The Financial Action Task Force (FATF) had previously presented
recommendations regarding the identification of virtual asset service
providers, implementation of requirements on anti-money laundering and
combatting the financing of terrorism (AML/CFT), and implementation of a
risk-based methodology.
Member countries had also been notified by FATF to implement
the recommendations.
To create an appropriate legal environment for virtual asset service providers (and a system that supports innovation and reduces risk) the FRC had assessed the risks related to AML/CFT at the national level. The Commission had also developed and approved regulations, expanded cooperation, and warned the public.
To improve the evaluation of FATF Recommendation
15 (New technologies) within Mongolia, the FRC submitted reports and
clarifications to the APG for re-evaluation, and worked to ensure the
implementation of technical recommendations. On 27 July, 2022, the Revaluation
Report of Mongolia was discussed and approved by Member States. At the
meeting, the re-evaluation was presented - within the framework
of Recommendation 15 - and with respect to
Mongolia Recommendation 15 was assessed to be ‘mostly implemented’;
in contrast to ‘half implemented’ in 2021.
The FRC participated in a presentation, sharing with member
states of the APG its experiences on adoption of FATF requirements and
international standards in the field of proper regulation of virtual asset
service providers, AML/CFT, and prevention of financial crimes.
The Chairman, and representatives of the National Security
Agency, congratulated and praised Mongolia for its improvements, and its
creation of an AML/CFT system.
In addition, Ian McCartney (Chairman, APG) received Mr
Bayarsaikhan (and representatives of related organizations) in a meeting, where
they exchanged views on expanding cooperation AML/CFT. Mr Bayarsaikhan also
participated in a meeting - Participation of Women in AML/CFT - with
Raja Kumar (the newly appointed President of FATF) and representatives of
member states.
Source: Financial Regulatory Committee of Mongolia
