Financial Crime World

Mongolia Tops Asia-Pacific Region in FATF Compliance: A Global Leader in Money Laundering and Terrorist Financing Fight

Mongolia has achieved a significant milestone in the global fight against money laundering and terrorist financing, making it the first country in the Asia-Pacific region and the fifth in the world to fully comply with the Financial Action Task Force (FATF) recommendations.

Mongolia’s Achievement: A Demonstration of Commitment

Minister of Justice and Home Affairs, Kh. Nyambaatar, announced this monumental accomplishment in Ulaanbaatar. He emphasized Mongolia’s commitment to regional security and its position as a global leader in the fight against financial crimes.

  • Mongolia is now a top performer in the Asia-Pacific region and a global leader in combating money laundering and terrorist financing
  • Fully compliant with FATF’s 40 recommendations
  • Adopted a unique approach to engage civil society in policy development

FATF and Its Global Impact

FATF is an international organization that monitors and sets the global standards for actions to counter money laundering, terrorist financing, and proliferation financing.

  • Cooperation among more than 200 countries and jurisdictions worldwide
  • Prevention of organized crime, corruption, and terrorism

Mongolia’s Success: Focus on Recommendation 8

Mongolia’s exceptional progress regarding the implementation of “Recommendation 8” is particularly noteworthy. This recommendation focuses on potential abuse of non-profit organizations (NPOs) for terrorist financing.

  • Embracing the free speech and liberty of non-profit organizations
  • Strong consensus between the government and civil society

Mongolia’s Commitment to Fight Corruption

2023 was designated as the ‘Year of Fighting Corruption’ in Mongolia. In response, the government has taken substantial steps to address corruption.

  • Adoption of anti-corruption laws
  • Implementation of an anti-corruption strategy
  • Investigation and prosecution of high-level corruption cases
  • Promotion of transparency and accountability in public procurement

Assessment and Global Recognition

Mongolia underwent an assessment by the Financial Action Task Force and its associate member organizations alongside international partners such as the IMF and World Bank.

  • Robust legal framework
  • Proper implementation of required measures
  • Improved regulations

Recognition at APAMLG 26th Annual Meeting

These achievements were recognized during the 26th Annual Meeting of the Asia-Pacific Anti-Money Laundering Group in Vancouver, Canada, from July 9-14, 2023.

  • Mongolian delegation defended the country’s progress report
  • Recognition of Mongolia’s technical implementation of Recommendation 8 related to NPOs.