Financial Crime World

Collaboration Between ITC, GPML, and ADB Yields Positive Outcomes in Implementing Anti-Money Laundering Regime

ULAANBAATAR, MONGOLIA - The International Transport Consultants (ITC) has completed a Technical Assistance (TA) project aimed at helping Mongolia establish an effective anti-money laundering (AML) regime. The project was implemented in collaboration with the Government of Mongolia’s Parliamentary Library (GPML) and the Asian Development Bank (ADB).

Project Overview

The TA project, which began in 2005, sought to assist Mongolia in developing a comprehensive AML system, including:

  • Establishing a Financial Intelligence Unit (FIU)
  • Developing a blueprint for IT services
  • Preparing a strategic plan for the AML regime

Challenges and Successes

Although the project encountered some challenges, particularly due to delays in passing the AML law, the team was able to make significant progress. The project’s strengths were highlighted during its third onsite visit in August-September 2006, where international consultants worked alongside domestic consultants to finalize the project’s deliverables.

Key Achievements

  • Establishment of an FIU, a critical component in the fight against money laundering
  • Development of a blueprint for IT services
  • Preparation of a strategic plan for the AML regime

Project Outcomes

The project’s outcomes were presented during the APG Mutual Evaluation of Mongolia in December 2006, which provided an important impetus for action. According to John Broome, Team Leader:

“We are proud of what we have achieved in this project. We faced some challenges, but our collaboration with the GPML and ADB enabled us to overcome them and deliver positive outcomes.”

Future Implications

The project’s findings highlighted both the strengths and weaknesses of Mongolia’s financial system, which will be crucial in informing future AML/CFT initiatives.

Conclusion

Overall, the TA project demonstrated the importance of international cooperation in helping developing countries establish effective AML regimes. The collaboration between ITC, GPML, and ADB has yielded positive outcomes and set a precedent for similar projects in the future.