Mongolia Scores Big in Anti-Money Laundering Efforts, Removed from Grey List

In a significant development, Mongolia has been removed from the Financial Action Task Force’s (FATF) list of jurisdictions under increased monitoring, also known as the “Grey List”, effective October 2020. This move acknowledges the country’s concerted efforts to bolster its anti-money laundering and counter-terrorist financing (AML/CFT) framework, in line with FATF’s 40 Recommendations.

Mongolia’s Progress in AML/CFT Framework

A recent follow-up Mutual Evaluation Report released in 2023 assessed Mongolia’s progress, determining that it is:

• Compliant with nine of the FATF 40 Recommendations
• Largely compliant with 31 of the recommendations

Notably, the report highlighted areas where further improvement is needed, with zero ratings for effectiveness and technical compliance.

International Cooperation and Support

In a bid to strengthen its AML/CFT framework, Mongolia sought assistance from the EU Global Facility on AML/CFT. This initiative aimed to:

• Enhance the country’s compliance with FATF Recommendation 8
• Reinforce its national anti-money laundering and counter-terrorist financing system

The successful collaboration has contributed significantly to Mongolia’s improved standing in the global fight against money laundering and terrorist financing.

Conclusion

Mongolia’s removal from the Grey List is a testament to its commitment to strengthening its AML/CFT framework. The country’s progress demonstrates the importance of international cooperation and support in combating financial crimes.