Mongolia Introduces New Laws to Combat Money Laundering and Terrorism Financing
Ulaanbaatar, May 31st, 2013
The Mongolian government has taken a significant step in combating money laundering and terrorism financing by introducing new laws aimed at preventing these financial crimes. The legislation comes into effect today and establishes a Financial Information Unit responsible for monitoring and reporting suspicious transactions.
Establishment of the Financial Information Unit
According to the new law, the Financial Information Unit will be headed by a senior state inspector with at least two years of experience in banking, finance, or law. The unit’s supervisors and analysts must also have no overdue debts or liabilities.
The law grants the Financial Information Unit the power to obtain information from government agencies and requires entities regulated by the Bank of Mongolia and the Financial Regulatory Commission to report suspicious transactions.
Cooperation Council Established
The new laws also establish a Cooperation Council to ensure the implementation of anti-money laundering and counter-terrorism financing measures. The council will be composed of representatives from various ministries, law enforcement agencies, and financial institutions.
Penalties for Non-Compliance
Under the new laws, entities that fail to comply with their obligations may face penalties and fines. The government has emphasized its commitment to combating money laundering and terrorism financing, and the new laws are seen as a major step towards achieving this goal.
Key Provisions of the New Laws
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- Establishes a Financial Information Unit responsible for monitoring and reporting suspicious transactions
- Requires entities regulated by the Bank of Mongolia and the Financial Regulatory Commission to report suspicious transactions
- Grants the Financial Information Unit the power to obtain information from government agencies
- Establishes a Cooperation Council to ensure the implementation of anti-money laundering and counter-terrorism financing measures
- Imposes penalties and fines on entities that fail to comply with their obligations
Contact
For more information, please contact:
The Government of Mongolia Phone: +976 11 333 333 Email: info@gov.mn