Mongolia Celebrates Removal from Financial Action Task Force’s Grey List

Ulaanbaatar, Mongolia - In a significant milestone, Mongolia has been removed from the Financial Action Task Force’s (FATF) list of jurisdictions under increased monitoring, also known as the “Grey List”, following its efforts to strengthen its anti-money laundering and counter-terrorist financing (AML/CFT) framework.

Progress on AML/CFT Best Practices

The country was commended for its improved compliance with FATF 40 Recommendations in a recent follow-up Mutual Evaluation Report. Mongolia has demonstrated significant progress in implementing AML/CFT best practices, earning:

• Compliant ratings for nine recommendations
• Largely Compliant ratings for 31 recommendations

Technical Assistance and Collaboration

To support this effort, the EU Global Facility on AML/CFT provided technical assistance to the Mongolian authorities. This focused on enhancing their compliance with FATF Recommendation 8 and improving their anti-money laundering and counter-terrorist financing regime.

This collaboration underscores Mongolia’s commitment to upholding international standards in combating financial crimes.

Removal from the Grey List

Mongolia’s removal from the Grey List is a testament to its dedication to implementing effective AML/CFT measures, ensuring the integrity of its financial system, and protecting against illicit activities. As the country continues to work towards further strengthening its framework, it serves as a model for other jurisdictions seeking to improve their own AML/CFT regimes.

Conclusion

Mongolia’s removal from the Grey List marks a significant achievement in its efforts to combat financial crimes. The country remains committed to upholding international standards and protecting against illicit activities. Its success serves as an inspiration to other countries looking to strengthen their own AML/CFT frameworks.