Mongolia Remains On the Right Track in Compliance Frameworks, Says Financial Watchdog
Recognized Efforts in Anti-Money Laundering and Counter-Terrorist Financing
Mongolia’s efforts to improve its anti-money laundering (AML) and counter-terrorist financing (CFT) framework have been recognized by the Financial Action Task Force (FATF), with the country being removed from the Grey List in October 2020. A recent follow-up Mutual Evaluation Report has further underscored Mongolia’s progress, with the nation deemed Compliant for nine and Largely Compliant for 31 of the FATF 40 Recommendations.
Key Highlights
- Mongolia is deemed Compliant for nine of the FATF 40 Recommendations
- Mongolia is deemed Largely Compliant for 31 of the FATF 40 Recommendations
- Mongolia remains Highly effective for zero and Substantially Effective for zero of the Effectiveness & Technical Compliance ratings
Technical Assistance Activities to Support Ongoing Efforts
To support its ongoing efforts to strengthen its AML/CFT framework, the EU Global Facility on AML/CFT delivered technical assistance activities at the request of Mongolian authorities. The goal of these initiatives was to help Mongolia improve its compliance with FATF Recommendation 8 and continue building a robust national anti-money laundering and counter-terrorist financing system.
Key Objectives
- Improve compliance with FATF Recommendation 8
- Build a robust national anti-money laundering and counter-terrorist financing system
A Significant Achievement for Mongolia
Mongolia’s progress in implementing a comprehensive AML/CFT framework has been hailed as a significant achievement, demonstrating the country’s commitment to combating financial crime and protecting the integrity of its financial system. As it continues to build on this momentum, Mongolia is expected to remain a model for other nations seeking to improve their own compliance frameworks.
Conclusion
Mongolia’s efforts in implementing a comprehensive AML/CFT framework have been recognized by the FATF, and the country is expected to continue making progress in this area. The technical assistance activities provided by the EU Global Facility on AML/CFT will help Mongolia strengthen its AML/CFT framework and build a robust national system for combating financial crime.