Mongolia's Recommendation 15 assessment improved www.montsame.mn
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