Category
- Agriculture
- Automobiles and Machinery
- Bank, non banking financing, investment
- Blasting
- Construction
- Consumables
- Education
- Energy
- Engineer , Architecture and Geodesy
- Finance, Audit,Accounting and Brokerage
- Food
- Foreign Trade
- Geology Exploration
- Health
- Information Technology
- Insurance
- Labor Safety
- Legal and Business consulting
- Lighting
- Mining equipment
- Mining Services
- Other product and service
- Road
- Sewing and textile products
- Transportations
- Travel
Events
Mongolia Fully Complies with 40 FATF Recommendations www.montsame.mn
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.
Published Date:2023-07-16
