Financial Crime World

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Effective Cooperation Leads to Practical Arrangements

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Ulaanbaatar, Mongolia - The International Technical Cooperation (ITC) and the Global Partnership for Money Laundering and Terrorist Financing (GPML) have announced a successful collaboration on a Technical Assistance (TA) project aimed at strengthening anti-money laundering (AML) and combating the financing of terrorism (CFT) in Mongolia.

The TA project, which was completed in 2006, required flexibility and adaptability due to delays in the passage of key legislation. The ITC team worked closely with the GPML and domestic consultants to ensure the effective implementation of the project’s objectives.

Key Findings

Despite challenges, the project made significant progress in establishing a financial intelligence unit (FIU), developing a blueprint for IT services, and preparing a strategic plan. However, the enacted law has several shortcomings that depart from accepted international standards.

  • The team’s activities were focused on supporting the development of the draft AML/CFT law, which was eventually passed.
  • The project also faced delays in providing training to key agencies due to the lack of an enabling legislation.

Team Deployment and Activities

During their third onsite visit, two international consultants, John Broome (Team Leader) and Hugh Dixon (Financial Sector Expert), arrived in Ulaanbaatar on August 25, 2006. Pat O’Sullivan (FIU Expert) joined them on September 3. The team worked closely with domestic consultants, including Mr. Bayardalai Bat-Ireedui (Anti-Money Laundering Support) and Mr. Erdenechuluun Sukh-Erdene (Financial Sector Support), to ensure the project’s objectives were met.

Conclusion

The ITC and GPML collaboration on this TA project demonstrates the importance of flexibility and adaptability in addressing complex development challenges. Despite the challenges faced, the project has made significant progress in strengthening Mongolia’s AML/CFT regime, which is crucial for the country’s economic stability and international reputation.