Mongolia Takes Lead in Asia Pacific against Money Laundering and Terrorist Financing
Vancouver, British Columbia - Mongolia has earned international recognition for its commitment to combating money laundering and terrorist financing. At the 26th annual meeting of the Asia-Pacific Anti-Money Laundering Group held in Vancouver, Mongolia’s Minister of Justice and Home Affairs, Kh. Nyambaatar, made a significant announcement.
First Country in Asia Pacific Region to Comply with all FATF Recommendations
Mongolia has achieved an unprecedented milestone by complying with all 40 recommendations set by the Financial Action Task Force (FATF), making it the first country in the Asia Pacific region and the 5th globally to do so. Here are some key highlights:
- FATF is a global leading watchdog combatting financial crimes.
- Mongolia has now joined a select group of countries with a robust legal framework to combat money laundering, terrorist financing, and the proliferation of weapons of mass destruction.
Enhancing Transparency and Accountability in the Non-Profit Sector
Of significant note is Mongolia’s upgrade of ‘Recommendation 8,’ which assesses the potential for non-profit organizations (NPOs) to be used in terrorist financing. Mongolia has now reached ‘Largely Compliant’ status. The country’s efforts in enhancing civil society collaboration in policy development are commendable and demonstrate a strong commitment to a responsible and transparent non-profit sector.
A Year of Fighting Corruption
This year, Mongolia was declared the ‘Year of Fighting Corruption.’ Corruption is a precursor to money laundering and other forms of abuse, and the Mongolian government has been relentless in its pursuit to eliminate this societal harm. Here are some initiatives the Mongolian government has undertaken:
- Legislative changes
- An anti-corruption strategy
- Successful high-level investigations and prosecutions
- Increased transparency and accountability in public procurement
Defending Mongolia’s Progress Report
The Mongolian delegation, led by the Deputy Minister of Justice and Internal Affairs, B. Solongoo, successfully defended Mongolia’s progress report at the Vancouver meeting, gaining approval from the Asia-Pacific Anti-Money Laundering Group on the country’s implementation of “Recommendation 8.”