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Mongolia Moves to Strengthen Fight Against Money Laundering and Terrorism Financing

In a bid to combat money laundering and terrorism financing, the Mongolian government has introduced new regulations aimed at improving transparency and accountability in financial transactions.

Improved Reporting Requirements

Under the Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) Law, entities such as banks, insurance companies, and other financial institutions are required to submit regular reports to the Financial Information Unit (FIU). The FIU will analyze these reports and disseminate any suspicious transactions to law enforcement authorities for further investigation.

Suspension of Transactions

The new regulations also provide for the suspension of transactions if there is reason to believe that they may be related to money laundering or terrorism financing. If it is established that a transaction did not have such purposes, the suspension decision will be annulled and the entity involved will be notified immediately.

Exemptions and Liability Protection

Entities subject to the new regulations are also exempt from liability in cases where information submitted to the FIU has not been proven to be related to money laundering or terrorism financing. Similarly, management and employees of these entities, as well as those of the FIU, will not be held liable for any harm caused to individuals or legal entities due to unlawful actions undertaken by these entities.

Confidentiality and Monitoring

The law also provides for confidentiality of information submitted to the FIU, which can only be disclosed to authorized parties. Entities subject to the new regulations must also have an internal monitoring and risk management program in place to prevent and detect money laundering and terrorism financing.

Travelers’ Declaration Requirements

In addition, travelers carrying large amounts of cash or bearer negotiable instruments across the Mongolian border are required to declare these in customs declaration forms.

Response from Financial Experts

The new regulations have been welcomed by financial experts, who say they will help to improve transparency and accountability in Mongolia’s financial system. “These regulations are a major step forward in our efforts to combat money laundering and terrorism financing,” said a spokesperson for the Financial Information Unit. “We look forward to working with entities subject to these regulations to ensure that they are implemented effectively.”

Effective Date

The regulations come into effect on [date] and will be monitored by the FIU and other competent authorities to ensure compliance.

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