Financial Crime World

New System to Improve Terrorist Financing Investigations and Crime Monitoring

Ulaanbaatar, Mongolia - The Mongolian government has approved a new system aimed at enhancing the country’s efforts to combat terrorist financing and serious crimes.

A Major Boost to Combat Terrorism Financing

The new system is part of the country’s Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) National Strategy for 2022-2030. This strategy sets eight strategic objectives aimed at strengthening Mongolia’s anti-money laundering, combating the financing of terrorism, and preventing proliferation financing framework.

Key Components of the New System

  • Action Plan: Developed based on the findings of the National Risk Assessment of Money Laundering/Terrorist Financing (NRA ML/TF), this plan has 194 items to meet 48 sub-objectives under eight strategic objectives.
  • Unified Infrastructure for Public Information: Enables secure, efficient, transparent, and prompt information exchange using an online electronic system. This will help improve the monitoring of terrorist movements and investigations by providing authorities with access to real-time information.

Improved Supervision and Monitoring

  • Supervisory Authorities: Conducting ML/TF risk assessments, off-site and on-site supervision, and monitoring compliance of AML/CFT and TFS obligations of regulated reporting entities.
  • Regulatory Revisions: The Financial Regulatory Commission has revised its Regulation on offsite and onsite supervision to non-banking sector reporting entities in the field of combating ML/TF.

Expected Outcomes

The new system is expected to significantly improve the country’s ability to detect and prevent terrorist financing, as well as combat other serious crimes such as money laundering and drug trafficking. “We are committed to ensuring that our country is not used for illegal activities,” said a government official. “This new system will help us to stay ahead of the threats posed by terrorist financing and other serious crimes.”

Implementation Timeline

The implementation of the new system is expected to be completed in the coming months, with regular monitoring and evaluation to ensure its effectiveness.

By implementing this new system, Mongolia demonstrates its commitment to combating terrorism financing and ensuring that its country is not used for illegal activities.