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Mongolia Strengthens Anti-Terrorism Efforts with Cutting-Edge System

Ulaanbaatar, Mongolia - In a significant move to enhance national security, the Mongolian government has approved an ambitious plan to improve the monitoring of movements of terrorist persons and investigation of serious crimes such as terrorism financing (TF) offenses.

Government Plan Endorsed

The plan was endorsed by Resolution No. 265 of the Government of Mongolia on July 5, 2022, setting eight strategic objectives aimed at strengthening Mongolia’s anti-money laundering (AML), combating the financing of terrorism (CFT), and prevention of proliferation financing (CPF) framework.

Comprehensive Action Plan

A comprehensive action plan was developed to achieve this goal, including:

  • 194 items to meet 48 sub-objectives under eight strategic objectives
  • Measures to enhance information sharing, improve financial analysis, and increase public awareness about AML/CFT/CPF risks

Unified Infrastructure for Public Information

One of the key initiatives is the introduction of a unified infrastructure for public information established at the National Data Center. This secure online system enables:

  • Efficient and transparent information exchange between 274 public and private sector institutions, including government organizations
  • Integration with goAML software to submit suspicious transaction reports (STRs) and foreign settlement transaction reports

Regulatory Bodies’ Revisions

Regulatory bodies such as the Bank of Mongolia and Financial Regulatory Commission have revised their regulations and guidelines to ensure effective implementation of AML/CFT measures, including:

  • Approval of eight regulations related to the registration process and operational requirements for virtual asset service providers (VASPs)
  • Establishment of a working group to amend the AML/CFT Preventive Measures Regulation in compliance with the AML/CFT Law and Law on VASP

Commitment to Combating Terrorism Financing

These initiatives demonstrate Mongolia’s commitment to combating terrorism financing and other serious crimes, and its willingness to adopt cutting-edge technologies and international best practices to achieve this goal.