Financial Crime World

Title: Mongolia Achieves Global Milestone in Combating Financial Crimes: First Country in Asia Pacific to Fully Implement FATF Recommendations

Mongolia’s Historic Achievement in combating Financial Crimes

Ulaanbaatar, Mongolia - August 2, 2023

Mongolia has made history by becoming the first country in the Asia Pacific region, and the fifth globally, to fully implement the recommendations of the Financial Action Task Force (FATF) against money laundering and terrorist financing. This significant achievement was announced by the Minister of Justice and Home Affairs, Kh. Nyambaatar, during a press conference in Ulaanbaatar.

Mongolia - A Global Leader in Fighting Financial Crimes

  • The FATF is a global anti-money laundering and counter-terrorist financing watchdog.
  • Mongolia’s accomplishment positions it as a global leader in the fight against financial crimes and strengthening regional security.
  • Complying with the FATF recommendations is a crucial step towards fostering a transparent civil society.
  • Mongolia has now fully implemented all 40 FATF recommendations.

What are the FATF Recommendations?

The FATF recommendations include:

  • Researching methods of money laundering and the funding of terrorism.
  • Promoting global standards to mitigate these risks.
  • Assessing countries’ effectiveness in addressing these issues.

A total of 200 countries and jurisdictions have committed to implementing FATF’s standards.

Mongolia’s Dedication to a Transparent Non-profit Sector

  • Mongolia’s upgraded ‘Recommendation 8’ status related to non-profit organizations showcases transparency in the non-profit sector.
  • A unified approach between the government and civil society in maintaining transparency and accountability.

Anti-corruption Efforts in Mongolia

  • 2023 named as the ‘Year of Fighting Corruption.’
  • Mongolia’s efforts to combat corruption include the adoption of new anti-corruption laws and strategies.
  • High-level corruption cases are being investigated and prosecuted.
  • Increased transparency and accountability within public procurement.

Mongolia’s Achievements Presented at Annual Meeting

  • Mongolian progress report defense team led by Deputy Minister of Justice and Internal Affairs, B. Solongoo, presented the country’s achievements in complying with ‘Recommendation 8’ at the 26th annual meeting of the Asia-Pacific Anti-Money Laundering Group in Vancouver, Canada.

FATF’s Assessment Process

  • The Financial Action Task Force assesses countries based on their legal framework and implementation of FATF recommendations.
  • Mongolia’s confirmation of full compliance with the 40 FATF recommendations sets an international standard for countering illegal activities.
  • Support from associate member organizations and international partners like the IMF and World Bank.