Financial Crime World

Here is the converted article in Markdown format:

Mongolia Steps Up Efforts to Combat Terrorism Financing

In a significant move to strengthen its anti-money laundering and combating the financing of terrorism (AML/CFT) regime, Mongolia has approved a national strategy for 2022-2030 aimed at improving the monitoring of terrorist movements and investigation of serious crimes.

National Strategy Objectives

The AML/CFT National Strategy sets eight strategic objectives aligned with the thematic goals identified by the Financial Action Task Force (FATF) to further strengthen Mongolia’s AML/CFT framework. These objectives include:

  • Improving the monitoring of terrorist movements
  • Investigating serious crimes
  • Enhancing international cooperation
  • Strengthening the legal framework
  • Increasing public awareness and understanding
  • Developing a risk-based approach to supervision
  • Improving the effectiveness of sanctions
  • Ensuring technical compliance with FATF standards

Action Plan Implementation

To implement the national strategy, an “Action Plan for Implementing the AML/CFT National Strategy” was developed with 194 items to meet 48 sub-objectives under eight strategic objectives. Member organizations of the AML/CFT National Council and Cooperation Council will ensure effective implementation of the action plan and report progress at council meetings.

Progress in Implementing AML/CFT Measures

Mongolia has made significant progress in implementing AML/CFT measures, including:

  • Conducting risk assessments
  • Off-site and on-site supervision
  • Monitoring compliance with AML/CFT obligations of regulated reporting entities
  • Revising regulations on conducting off-site and on-site AML/CFT supervision of banks
  • Approving regulations related to the registration process and other operational and supervisory requirements for Virtual Asset Service Providers (VASPs)

Blockchain Analytics Programs

The country’s efforts to combat terrorism financing have also been enhanced through the introduction of blockchain analytics programs to effectively monitor compliance. The working group established by the Bank of Mongolia is working on amendments to the AML/CFT Preventive Measures Regulation in compliance with the AML/CFT Law and Law on VASP.

Conclusion

These developments demonstrate Mongolia’s commitment to combating terrorist financing and money laundering, and its efforts to strengthen its AML/CFT regime in line with international best practices. With the implementation of the national strategy and action plan, Mongolia aims to become a digital economy while maintaining robust AML/CFT measures in place.