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Mongolia’s Compliance with Global Financial Standards Revealed in New Report

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A recent report assessing the country’s compliance with global financial standards has revealed that Mongolia is largely compliant in several areas, but still lags behind in others.

Overview of the Report

The report, published by the Financial Action Task Force (FATF), evaluated Mongolia’s efforts to implement technical requirements related to anti-money laundering and combating the financing of terrorism. The country received a rating of “largely compliant” in 17 out of 40 areas assessed, indicating that it has made significant progress in implementing global financial standards.

Strengths

National Cooperation and Coordination

Mongolia showed particular strength in this area, with comprehensive laws and regulations in place for national cooperation and coordination.

Money Laundering Offenses

The country’s laws and regulations related to money laundering offenses are considered effective and comprehensive.

Terrorist Financing Offenses

Mongolia also received high marks for its laws and regulations related to terrorist financing offenses.

Weaknesses

Regulation and Supervision of Financial Institutions

Mongolia was found to be “non-compliant” or “partially compliant” in this area, indicating a need for improvement in the regulation and supervision of financial institutions.

Transparency of Beneficial Ownership of Legal Persons and Arrangements

The country received low marks for transparency of beneficial ownership of companies, with recommendations for improvement.

Powers of Supervisors

Mongolia was also found to be “non-compliant” or “partially compliant” in this area, indicating a need for enhancement of the powers of supervisors.

Recommendations for Improvement

The report highlights several key recommendations for improvement, including:

• Strengthening laws and regulations related to terrorist financing and proliferation financing
• Improving transparency of beneficial ownership of companies
• Enhancing supervision of financial institutions

Ministry Response

Mongolia’s Ministry of Finance has welcomed the report, saying that it provides a valuable assessment of the country’s efforts to combat money laundering and terrorist financing. The ministry has pledged to work towards implementing the recommendations outlined in the report and ensuring that Mongolia is fully compliant with global financial standards.

Impact on the Economy

The FATF report comes at a time when Mongolia is seeking to strengthen its position as a major player in the regional economy. Improving compliance with global financial standards is seen as crucial for attracting foreign investment and maintaining stability in the country’s financial system.

Conclusion

While Mongolia has made significant progress in implementing global financial standards, there are still areas where improvement is needed. The government’s commitment to addressing these weaknesses will be closely watched by international stakeholders, and is expected to play a key role in shaping the country’s economic future.