Mongolia’s Anti-Money Laundering and Counter-Terrorist Financing Framework Gains International Recognition

In a significant development, Mongolia was removed from the Financial Action Task Force (FATF) list of jurisdictions under increased monitoring in October 2020. This move acknowledged the country’s efforts to enhance its anti-money laundering and counter-terrorist financing (AML/CFT) framework, as well as its improved compliance with FATF’s 40 Recommendations.

Mongolia’s Progress in AML/CFT Compliance

According to Mongolia’s latest follow-up Mutual Evaluation Report, which was conducted in 2023, the country was deemed:

• Compliant for nine of the FATF 40 Recommendations
• Largely compliant for 31
• Highly effective for zero and substantially effective for zero of the effectiveness and technical compliance ratings

International Cooperation and Technical Assistance

The European Union’s Global Facility on AML/CFT played a crucial role in providing technical assistance to Mongolia, following a request from the country’s authorities. The aim was to help Mongolia strengthen its national anti-money laundering and counter-terrorist financing framework, particularly with regards to FATF Recommendation 8.

Outcomes of International Cooperation

This support has contributed to Mongolia’s significant progress in improving its AML/CFT regime. The country’s efforts have been recognized internationally, leading to its removal from the FATF list of jurisdictions under increased monitoring.

By providing technical assistance and supporting Mongolia’s efforts to enhance its AML/CFT framework, the European Union’s Global Facility on AML/CFT has played a key role in promoting financial stability and integrity globally.