"Hospital gear made in Mongolia can be put on U.S. market" www.montsame.mn

Ulaanbaatar /MONTSAME/. Minister of Foreign Affairs D.Tsogtbaatar, President of the Mongolian National Chamber of Commerce and Industry O.Amartuvshin, and Deputy Chief of Mission at the U.S. Embassy in Mongolia Gregory May became acquainted with the ‘Munkhiin Tun’ pharmaceutical factory on May 8.

Sneakers-demand growing among young Mongolians www.news.mn

Sneakers have long since become part of the daily outfit of young Mongolians. Therefore, S.Munkh-Erdene with his friend has opened a sneakers shop entitled ‘K50’ for advertising sneaker culture and selling original products at affordable prices. It is now six months since ‘K50’ started trading.

Shanghai Disneyland re-opens after three-month closure due to coronavirus www.reuters.com

SHANGHAI (Reuters) - Walt Disney Co reopened its Shanghai Disneyland park on Monday to a reduced number of visitors, ending a roughly three-month closure caused by the coronavirus outbreak.

Refined coal briquette now exempt from VAT www.montsame.mn

Ulaanbaatar /MONTSAME/. At its session held on May 7, the Parliament approved a law on the Exemption of Value-added Tax. The law included ‘refined’ coal briquette to be exempted from VAT.

UN calls for extra funds to help vulnerable states www.nhk.or.jp

Commission steps up fight against money laundering and terrorist financing www.ec.europa.eu

The European Commission has today put forward a comprehensive approach to further strengthen the EU's fight against money laundering and terrorist financing.

The Commission has published an ambitious and multifaceted Action Plan, which sets out concrete measures that the Commission will take over the next 12 months to better enforce, supervise and coordinate the EU's rules on combating money laundering and terrorist financing. The aim of this new, comprehensive approach is to shut down any remaining loopholes and remove any weak links in the EU's rules.

Executive Vice-President Valdis Dombrovskis said: "We need to put an end to dirty money infiltrating our financial system. Today we are further bolstering our defences to fight money laundering and terrorist financing, with a comprehensive and far-reaching Action Plan. There should be no weak links in our rules and their implementation. We are committed to delivering on all these actions - swiftly and consistently – over the next 12 months. We are also strengthening the EU's global role in terms of shaping international standards on fighting money laundering and terrorism financing.”

The Commission has also published today a more transparent, refined methodology to identify high-risk third countries that have strategic deficiencies in their anti-money laundering and countering terrorist financing regimes that pose significant threats to the EU's financial system. This will enhance our engagement with third countries and ensure greater cooperation with the Financial Action Task Force (FATF).

Finally, the Commission has also adopted a new list of third countries with strategic deficiencies in their anti-money laundering and counter-terrorist financing frameworks.

Action Plan for a Comprehensive EU policy on Preventing Money Laundering and Terrorist Financing

Today's Action Plan is built on six pillars, each of which is aimed at improving the EU's overall fight against money laundering and terrorist financing, as well as strengthening the EU's global role in this area. When combined, these six pillars will ensure that EU rules are more harmonised and therefore more effective. The rules will be better supervised and there will be better coordination between Member State authorities.

The six pillars are as follows:

Effective application of EU rules: the Commission will continue to monitor closely the implementation of EU rules by Member States to ensure that national rules are in line with the highest possible standards. In parallel, today's Action Plan encourages the European Banking Authority (EBA) to make full use of its new powers to tackle money laundering and terrorist financing.
A single EU rulebook: while current EU rules are far-reaching and effective, Member States tend to apply them in a wide variety of different manners. Diverging interpretations of the rules therefore lead to loopholes in our system, which can be exploited by criminals. To combat this, the Commission will propose a more harmonised set of rules in the first quarter of 2021.
EU-level supervision: currently it is up to each Member State to individually supervise EU rules in this area and as a result, gaps can develop in how the rules are supervised. In the first quarter of 2021, the Commission will propose to set up an EU-level supervisor.
A coordination and support mechanism for Member State Financial Intelligence Units: Financial Intelligence Units in Member States play a critical role in identifying transactions and activities that could be linked to criminal activities. In the first quarter of 2021, the Commission will propose to establish an EU mechanism to help further coordinate and support the work of these bodies.
Enforcing EU-level criminal law provisions and information exchange: Judicial and police cooperation, on the basis of EU instruments and institutional arrangements, is essential to ensure the proper exchange of information.The private sector can also play a role in fighting money laundering and terrorist financing. The Commission will issue guidance on the role of public-private partnerships to clarify and enhance data sharing.
The EU's global role: the EU is actively involved within the Financial Action Task Force and on the world stage in shaping international standards in the fight against money laundering and terrorist financing. We are determined to step up our efforts so that we are a single global actor in this area. In particular, the EU will need to adjust its approach to third countries with deficiencies in their regime regarding anti-money laundering and countering terrorist financing that put our Single Market at risk. The new methodology issued alongside this Action Plan today provides the EU with the necessary tools to do so. Pending the application of the revised methodology, today's updated EU list ensures better alignment with the latest FATF (Financial Action Task Force) list.
To ensure inclusive discussions on the development of these policies, the Commission launched a public consultation today on the Action Plan. Authorities, stakeholders and citizens will have until 29 July to provide their feedback.

Refined methodology

The Commission has today published a new methodology to identify high-risk third countries that have strategic deficiencies in their national anti-money laundering and countering terrorist financing regimes, which pose significant threats to the EU's financial system. The aim of this new methodology is to provide more clarity and transparency in the process of identifying these third countries. The key new elements concern: (i) the interaction between the EU and FATF listing process; (ii) an enhanced engagement with third countries; and (iii) reinforced consultation of Member States experts.The European Parliament and the Council will have access to all relevant information at the different stages of the procedures, subject to appropriate handling requirements.

Updated List

Under the Anti-Money Laundering Directive (AMLD), the Commission has a legal obligation to identify high-risk third countries with strategic deficiencies in their regime regarding anti-money laundering and countering terrorist financing. Pending the application of the above-mentioned refined methodology, the Commission has today revised its list, taking into account developments at international level since 2018. The new list is now better aligned with the lists published by the FATF.

Countries which have been listed: The Bahamas, Barbados, Botswana, Cambodia, Ghana, Jamaica, Mauritius, Mongolia, Myanmar, Nicaragua, Panama and Zimbabwe.

Countries which have been delisted: Bosnia-Herzegovina, Ethiopia, Guyana, Lao People's Democratic Republic, Sri Lanka and Tunisia.

The Commission amended the list in the form of a Delegated Regulation. It will now be submitted to the European Parliament and Council for approval within one month (with a possible one-month extension).Given the Coronavirus crisis, the date of application of today's Regulation listing third countries – and therefore applying new protective measures – only applies as of 1 October 2020. This is to ensure that all stakeholders have time to prepare appropriately. The delisting of countries, however, is not affected by this and will enter into force 20 days after publication in the Official Journal.

Background

The Commission's Anti-Money Laundering Package of July 2019 highlighted a number of weaknesses in the EU's anti-money laundering / countering the financing of terrorism framework. While the transposition and entry into force of recent legislation will address some of these issues, other problems remain. In response to this package, the European Parliament and the Council invited the Commission to investigate what steps could be taken to achieve a more harmonised set of rules, better supervision, including at EU level, as well as improved coordination among Financial Intelligence Units. Today's Action Plan is the Commission's reply to this call for action, and the first step to achieve the Commission's priority to deliver a new, comprehensive framework to fight money laundering and terrorist financing. The new methodology to identify and mitigate threats that strategic deficiencies in the anti-money laundering and countering terrorist financing of third countries pose to the integrity of the EU's financial system, also issued today, will further equip the EU to deal with external risks.

PM: The 41 COVID-19 imported cases in Mongolia is a serious warning for us www.montsame.mn

On May 7, Prime Minister of Mongolia U.Khurelsukh became acquainted with the progress of the emergency management exercise for COVID-19 response and correlation of countermeasures, and got in contact with the operative team working at the Ministry of Health as well as the operative team of the Emergency Commission of Chingeltei district of the capital city from the Emergency Management and Warning Center of the National Emergency Management Agency.

Copper price jumps as Chinese imports surge www.mining.com

Copper jumped on Thursday after a rebound in Chinese imports of the metal indicated the country’s manufacturing and construction sector may be emerging faster than anticipated from the covid-19 slump.

Former Mongolian PM imprisoned! www.news.mn

The high-profile trial of a former Mongolian prime minister has been attracting much attention. At the third day of trial, M.Enkhsaikhan was sentenced four-and-a-half years in prison and banned from public office for four years. He has been accused for causing losses of MNT 55 million to the Energy Ministry for buying an expensive car for MNT 135 million, when its actual price was MNT 75 million. The judges ordered that M.Enkhsaikhan should compensate the loss.

Rio Tinto dodges emissions cut, but issue unlikely to go away www.reuters.com

Rio Tinto shareholders in Australia voted on Thursday against forcing the miner to set targets for the emissions of its steel-making customers, but the issue is unlikely to go away as more than a third supported the motion. Investors have been pushing for corporate giants to cut back their emissions as part of a wider drive to combat global warming outlined in the Paris climate accord.

Rio Tinto, which makes around 85% of its profits from sales of iron ore, has come under increasing pressure given its huge exposure to the steel industry, one of the world’s heaviest polluters.

About 63% of shareholders in Australia voted against the resolution calling on Rio Tinto to set targets for its customers, called scope three emissions, while the other 37% voted in favour. The resolution was proposed by Friends of the Earth unit Market Forces and other investors.

“It is extremely problematic for the mining industry to set targets for the steel industry,” Rio Chairman Simon Thompson said.

“What Market Forces is asking us to do is set measures for a process we do not control and where we cannot even measure the starting point, nevermind any improvement.”

A similar climate change-related resolution failed at BHP Group , the world’s largest listed miner.

RIO LATE LAST YEAR SET TARGETS TO REACH ZERO EMISSIONS BY 2050, TO CUT EMISSIONS INTENSITY BY 30% AND ABSOLUTE EMISSIONS BY 15% BY 2030

Rio late last year set targets to reach zero emissions by 2050, to cut emissions intensity by 30% and absolute emissions by 15% by 2030.

BHP and Brazilian miner Vale have also pledged to set scope three goals. One way for Rio to cut emissions would be to close its Australian aluminium operations that are fuelled by coal-fired power after it put the loss-making business under review last year.

Rio Tinto is still in discussions with state and federal governments as well as power utilities to find a “commercial solution”.

“If we were at this stage to take more rapid unilateral action to reduce emissions, it would require the closure of some of our operations,” Thompson said.

Rio promotes itself as the only major miner that does not produce carbon since it sold off its coal assets, but it also drew criticism over plans to build a $1 billion coal-fired power plant in Mongolia, to support its copper mine.

The new power plant, which it is required to build under its investment agreement with the Mongolian government, would be more efficient than buying coal-fuelled power from Chinese plants as it does now, Thompson said.

Thompson also refuted calls for Rio Tinto to quit the Minerals Council of Australia (MCA), despite acknowledging that MCA has sometimes advocated actions that have not always aligned with its climate policies.

Like BHP, Rio argues that change is easier from within. Thompson noted that MCA has since changed its processes, and has done good work promoting safety and coordinating the industry’s coronavirus response.

(By Melanie Burton and Zandi Shabalala; Editing by Kirsten Donovan and Susan Fenton)