Financial Crime World

Mongolia Cracks Down on Money Laundering and Terrorist Financing

Strengthening Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) Efforts

In recent years, Mongolia has made significant strides in strengthening its AML/CFT system. The country’s efforts have been recognized by the Asia-Pacific Group on Money Laundering (APG), with which it became a member in June 2004.

Mongolia has passed AML/CFT legislation, establishing a robust legal framework to combat financial crimes. Additionally, the Central Bank has set up a Financial Intelligence Unit (FIU) to analyze and disseminate suspicious transaction reports, a key component of an effective AML/CFT system.

National Risk Assessment and Roadmap for Improvement

In another major development, Mongolia completed its first national risk assessment, identifying vulnerabilities in its financial system that could be exploited by money launderers and terrorist financiers. The assessment provides a roadmap for the country’s authorities to strengthen their defenses against these threats.

Progress and Areas for Improvement

The APG conducted a second mutual evaluation of Mongolia in December 2016, with the full report adopted by member countries in July 2017. The report, available on the APG website, highlights Mongolia’s progress and areas for improvement. While significant challenges remain, the country has made notable strides in implementing AML/CFT measures.

Commitment to Combating Financial Crimes

Mongolia’s commitment to combating money laundering and terrorist financing is a testament to its efforts to maintain financial stability and integrity. As the country continues to strengthen its AML/CFT system, it will be an important partner for international cooperation on these critical issues.

Key Points:

  • Mongolia has passed AML/CFT legislation and established a robust legal framework
  • The Central Bank has set up a Financial Intelligence Unit (FIU) to analyze suspicious transaction reports
  • Mongolia completed its first national risk assessment, identifying vulnerabilities in its financial system
  • The country’s AML/CFT efforts have been recognized by the Asia-Pacific Group on Money Laundering (APG)
  • Mongolia is committed to maintaining financial stability and integrity through effective AML/CFT measures