Mongolia’s Progress in Financial Crime Risk Assessment: From APG Membership to National Evaluation

Joining the Asia/Pacific Group on Money Laundering (APG) (June 2004)

Ulaanbaatar, Mongolia - In a commendable stride towards financial transparency and compliance, Mongolia joined the Asia/Pacific Group on Money Laundering (APG) in June 2004. This membership marked the beginning of Mongolia’s efforts to strengthen its Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) system.

Technical Compliance with FATF Standards and First National Risk Assessment

Since joining the APG, Mongolia has made significant strides towards financial transparency. This is evident in the country’s technical compliance with the Financial Action Task Force (FATF) standards. Additionally, Mongolia recently completed its first ever AML/CFT national risk assessment.

Legislation and Establishment of a Financial Intelligence Unit (FIU)

Mongolia’s legislative framework has been bolstered with AML/CFT legislation. Furthermore, a Financial Intelligence Unit (FIU) has been established within the Central Bank to monitor and investigate potential financial crimes.

Second Mutual Evaluation by the APG (December 2016)

Following the initial evaluation, Mongolia underwent its second Mutual Evaluation by the APG in December 2016. The comprehensive report documenting Mongolia’s AML/CFT regime was adopted by APG members in July 2017.

Insights from Mongolia’s AML/CFT Progress Report

The evaluation report offers insights into Mongolia’s progress in mitigating financial crime risks in its financial sector.

Key takeaways:

Mongolia’s AML/CFT regime is not yet fully effective, but significant progress has been made.
Mongolia’s regulatory frameworks and systems are continually improving.
Challenges remain, such as capacity building and resource allocation, but the overall outlook is positive.