Ulaanbaatar
Mongolia Fully Complies with 40 FATF Recommendations
Economy
Ulaanbaatar, July 14, 2023 /MONTSAME/. The 26th Annual Meeting of
the Asia/Pacific Group on Money Laundering is being held in Vancouver, Canada
on July 9-14, 2023.
Deputy Minister of Justice
and Internal Affairs B. Solongoo is leading the Mongolia Progress Report
Defense Team, which consists of represenatives of the Ministry of Justice and
Internal Affairs, Bank of Mongolia, Financial Information Service, Financial
Regulatory Commission, State General Prosecutor's Office, Office of the
National Counter-Terrorism Council, and General Department of Taxation.
Mongolia was released in
October 2020 from the Financial Action Task Force (FATF) list of countries
lacking strategies to combat money laundering and terrorist financing, or the
Gray List, and is obliged to implement the 40 Recommendations issued by FATF,
i.e. international standards for combating money laundering, terrorist
financing and the financing of proliferation of weapons of mass destruction.
On July 13, 2023, the Asia/Pacific
Group on Money Laundering discussed and approved Mongolia's progress report in
respect of the technical implementation of "Recommendation 8" related
to non-profit organizations of FATF's 40 Recommendations. According to FATF's
"Recommendation 8," member states are responsible for preventing the
risk of non-profit organizations being used to finance terrorism and meeting
the relevant requirements. At the meeting, the evaluation of technical
implementation of "Recommendation 8," which had previously been rated
as "half-implemented," was successfully upgraded to "fully
implemented."
Thus, by improving the
rating of "Recommendation 8," Mongolia has become the first country in
Asia and the Pacific to fully comply with the 40 FATF Recommendations
(according to the updated rating of Recommendation 15), and the fifth country
in the world. At the meeting, they underlined Mongolia's success, and pointed
out significant progress in the measures undertaken in the field of combating
money laundering and terrorist financing. The National Council for Combating
Money Laundering and Terrorist Financing is headed by Kh. Nyambaatar, Member of
the State Great Khural, Minister of Justice and Internal Affairs, and requires
the cooperation and coordination of public and private organizations.
For Mongolia, the assessment
of full compliance with the 40 Recommendations of the FATF is a confirmation
from many countries that Mongolia has created a legal environment, reflected
the relevant requirements in legislation, and improved regulations.
