Financial Crime World

MONGOLIA: International Cooperation Crucial in Fight Against Financial Crimes

A Significant Step Forward in Asset Recovery and Confiscation

In a major breakthrough in the fight against financial crimes, Mongolia has made significant progress in asset recovery and confiscation, thanks to the support of international organizations like the Stolen Asset Recovery (StAR) Initiative. For over a decade, StAR has been providing critical capacity building training and policy assistance to the Independent Authority Against Corruption (IAAC), enabling the country to effectively combat corruption and financial crimes.

Expertise and Resources from International Collaborations

The success of IAAC can be attributed to the expertise and resources brought in by StAR from international collaborations, including financial assistance from Korea and the United States. Specialists have shared knowledge and skills in key areas such as:

  • Mutual legal assistance in criminal matters
  • Civil proceedings for asset recovery
  • Financial investigations
  • Asset management
  • Asset freezing

Notable Accomplishments

Mongolia’s efforts have yielded notable accomplishments, including its first-ever asset recovery victory worth $1.1 million in 2018, achieved through international informal cooperation and formal mutual legal assistance with the United Kingdom.

The country has also formed regional partnerships with ARIN-AP and the GlobE Network to expand its casework and engage with requested countries.

Adapting to the Virtual World

To adapt to the virtual world amidst the COVID-19 pandemic, StAR delivered training and technical assistance to a wider audience in Mongolia through webinars and workshops, focusing on topics such as:

  • Financial investigations
  • Emerging threats
  • Civil recovery

The organization also implemented a Case Management System (CMS) designed to strengthen internal coordination and cooperation between investigators and prosecutors.

StAR has significantly contributed to enhancing Mongolia’s Mutual Legal Assistance (MLA) regime and mechanisms, including:

  • Finalizing and approving the MLA guidance chapter in 2015
  • Updating it in May 2021
  • Addressing gaps in the MLA Guidance, primarily concerning:
    • International asset recovery
    • The prosecutorial role when public interest is harmed
    • Communication with foreign authorities

Continued Commitment to Personnel Development

The fight against financial crimes in Mongolia requires sustained investment and commitment to personnel development. StAR’s capacity-building efforts will continue by:

  • Partnering with academia
  • Hosting targeted events on emerging threats and new methods
  • Improving asset management processes

As the country continues to combat corruption and financial crimes, international cooperation remains crucial in its pursuit of justice and economic stability.