The Bank of Mongolia (BoM) on Friday released a statement in connection with the inclusion of Mongolia in the European Commission’s blacklist. The policy document being developed by the European Commission (EC) is currently being discussed at the draft level and will be approved by the European Parliament and the Council within 1-2 months. If approved, the blacklist will become an official decision of the European Union and will come into force in October 2020, the statement said. EC officially added Mongolia to its list of jurisdictions with strategic deficiencies in their anti-money laundering and countering the financing of terrorism regimes on May 8. The commission assessed the latest information received in this context from the FATF relating to these deficiencies and other relevant information. Based on the 2015 Mutual Evaluation, Mongolia successfully fulfilled 50 percent of the tasks since its inclusion in the FATF (Financial Action Task Force)’s grey list on October 18, 2019. Mongolia is currently working to discuss and report its remaining work report at the Asia Pacific Group meeting in May, which will allow the country to be removed from the list of strategically deficient countries by October 2020. The FATF's activities, actions, rules, procedures, policy decision-making processes, and oversight activities are independent of EC. According to the BoM, the bank will provide timely information on all measures taken by the government to combat money laundering and terrorist financing, its results, and relations and cooperation with international organizations.

Published Date:2020-05-12