Mongolia’s Strides in Anti-Money Laundering Regulations: A Look at the Progress made by the APG Member
Mongolia joined the Asian Pacific Group on Money Laundering (APG) in June 2004, marking its dedication to combating money laundering and the financing of terrorism (AML/CFT). Over the years, the landlocked Asian nation has made remarkable strides in strengthening its AML/CFT system.
Mongolia’s Progress in Adhering to FATF Standards
According to the APG’s report, Mongolia has shown significant improvement in adhering to the Financial Action Task Force (FATF) standards. Some key achievements include:
- Enactment of AML/CFT legislation
- Establishment of a Financial Intelligence Unit (FIU) within its Central Bank
- Completion of initial risk assessment
Mutual Evaluation Reports
Mongolia underwent its second Mutual Evaluation in December 2016. The report was adopted in July 2017 and is publicly available on the APG website under ‘Members and Observers’ and ‘Mutual Evaluation Reports - 3rd Round.’
Setting the Foundation for a Robust AML/CFT Regime
With the FIU in place, Mongolia has taken crucial steps towards implementing international best practices in its financial sectors. Some notable actions include:
- Legislative requirements
- Regulatory procedures
- Reporting mechanisms
Mongolia’s ongoing dedication to FATF standards reflects its commitment to maintaining a transparent, accountable, and reputable financial system. The APG evaluation report serves as a valuable resource for sustaining this forward momentum, offering crucial insights and recommendations to further enhance Mongolia’s regulatory framework against money laundering and terrorism financing.
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