MONGOLIA TIGHTENS ANTI-MONEY LAUNDERING AND TERRORISM FINANCING REGULATIONS

Strengthening Regulations to Combat Money Laundering and Terrorism Financing

Ulaanbaatar, Mongolia - The Mongolian government has amended several articles of its Law on Combating Proliferation of Weapons of Mass Destruction and Terrorism, effective April 26, 2018. These amendments aim to strengthen the country’s anti-money laundering and terrorism financing regulations.

Key Amendments

• Sanctions List Prohibition: Individuals and legal entities listed in the sanctions list are now prohibited from providing services to other individuals, legal entities, or groups.
• Asset Freezing and Reporting: Financial institutions and designated reporting persons are required to freeze assets and report suspicious transactions without delay.
• Customer Identification Measures: Financial institutions must apply detailed customer identification procedures when dealing with customers listed in the sanctions list.

Enhanced Monitoring and Investigation Powers

The Financial Information Unit has been granted the power to:

• Monitor accounts suspected of being used for money laundering and terrorism financing
• Suspend transactions suspected of being related to money laundering or terrorism financing for up to three working days, pending further investigation

Government Commitment

“We are committed to ensuring that our financial system is robust and secure, and that it is not used by criminals or terrorists to further their illicit activities,” said a government spokesperson.

International Recognition

The amendments have been welcomed by international organizations, which have praised Mongolia’s efforts to strengthen its anti-money laundering and terrorism financing regulations.

“Mongolia has taken significant steps to improve its anti-money laundering and terrorism financing regime, and we commend the government for its commitment to combating these serious threats,” said a representative of the International Monetary Fund.