Mongolia Leads the Way in Asia-Pacific: Achieving Full FATF Compliance
Mongolia made history in 2023 by becoming the first country in the Asia-Pacific region and the fifth global member to fully implement all 40 recommendations of the Financial Action Task Force (FATF), a global organization dedicated to combating financial crimes.
A Global Leader in Combating Financial Crimes
Mongolia’s commitment to this cause positions the country as a key player in the fight against financial manipulation, organized crime, and other illegal activities, among the 200 nations and jurisdictions striving for FATF compliance. By setting high standards, Mongolia serves as a beacon for others to follow.
Making Strides in Implementing FATF Recommendation 8
A significant achievement on Mongolia’s path to full FATF compliance was reaching “largely compliant” status with FATF recommendation 8. This recommendation addresses the potential use of non-profit organizations for terrorist financing. Mongolia’s progress highlights its determination to maintain a responsible charitable sector and enhance civil society transparency.
Innovative Implementation of FATF Recommendations
Mongolia’s approach to complying with FATF recommendations has been praised for its inclusive nature, which involves civil society in policy creation and fosters freedom of expression. This collaboration between the authorities and the private sector underscores the mutual roles of both sectors in countering financial crimes.
A Committed Approach to Fighting Corruption
2023 marked the “Year of the Fight Against Corruption” in Mongolia, recognizing the harmful financial and societal impact of corruption. Mongolia is actively addressing corruption by evaluating high-level cases, fostering accountability, and increasing transparency in government procurement. Enhancements to anti-corruption laws and a comprehensive anti-corruption strategy are also underway.
Recognition and International Cooperation
During the annual Asia-Pacific Financial Crimes Group conference in Vancouver, Canada, Deputy Minister of Justice and Domestic Affairs, B. Solongoo, presented Mongolia’s progress report and received acceptance for the performance assessment on FATF recommendation 8. This conference, attended by the FATF, affiliate member organizations, the IMF, and the World Bank, offers valuable opportunities for collaboration and knowledge exchange.
Implications of Full FATF Compliance
Mongolia’s achievement of full FATF compliance strengthens its position in the global community and reduces associated risks related to financial crimes. Its commitment to upholding these critical standards is expected to set a powerful example for other nations and jurisdictions to follow.