Financial Crime World

Financial Crimes Investigation Techniques in Mongolia Get Boost from International Experts

Ulaanbaatar - The Mongolian Independent Authority Against Corruption (IAAC) has made significant strides in investigating financial crimes and recovering stolen assets thanks to a 12-year partnership with the Stolen Asset Recovery (StAR) initiative.

IAAC’s Growth in Responsibility

The IAAC has grown in responsibility, taking on corruption and money laundering cases, as well as disseminating knowledge of domestic legal requirements and international standards. Experts from Korea and the United States provided training and support to the IAAC through StAR, sharing best practices and skills in financial investigations, asset management, and mutual legal assistance.

Training and Support

The expertise has enabled Mongolia to recover stolen assets, including a recent settlement worth $1.1 million with the UK. Despite challenges posed by the COVID-19 pandemic, StAR adapted its training programs, delivering virtual workshops and webinars to over 500 participants from six organizations.

  • A practical financial investigations workshop was attended by over 150 investigators
  • Topic-specific webinars on virtual assets and dark web cases were attended by hundreds of prosecutors and detectives

Case Management System (CMS)

StAR also introduced a Case Management System (CMS) to enhance internal coordination between investigators and prosecutors, facilitating the management of asset recovery cases. The evidence matrix within the CMS has proven particularly useful in complicated cases involving corruption, procurement fraud, tax evasion, and money laundering.

Strengthening Domestic Coordination

To further strengthen domestic coordination, StAR began working with the University of Internal Affairs to provide technical assistance on fighting corruption. The partnership aims to enhance cooperation between law enforcement agencies and improve their capacity to investigate financial crimes.

StAR has also supported Mongolia’s efforts to improve its regime for providing mutual legal assistance in criminal matters, focusing on international asset recovery. The initiative provided input on topics such as the international recovery of stolen assets and prosecutorial work with foreign authorities.

Milestone Achievement

The MLA Guidance was recently approved by the Council Meeting headed by the Prosecutor General of Mongolia, solidifying Mongolia’s commitment to investigating financial crimes and recovering stolen assets. StAR will continue to partner with academia and deliver focused events on emerging threats and new methods to build capacity and achieve results in the long term.

Future Plans

The initiative will continue to support Mongolia’s efforts to improve its regime for providing mutual legal assistance in criminal matters, focusing on international asset recovery. StAR will also provide training and technical assistance to law enforcement agencies to enhance their capacity to investigate financial crimes and recover stolen assets.