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Mongolia Introduces Stricter Anti-Money Laundering and Countering Terrorism Measures
Ulaanbaatar, Mongolia - In a bid to combat money laundering and financing of terrorism, the Mongolian government has introduced stricter regulations for financial institutions and individuals. As of April 26, 2018, the new measures aim to prevent the misuse of financial systems by terrorists and criminal organizations.
New Regulations
Under the revised laws, financial institutions and individuals must provide services to customers with caution, particularly those from countries deemed to have inadequate anti-money laundering and countering terrorism systems. The institutions must also:
- Freeze assets and transactions of individuals or entities listed on sanctions lists without prior notice
- Report suspicious transactions
- Submit regular reports to the Financial Information Unit
Monitoring and Suspicion Reporting
The new regulations require financial institutions to monitor accounts for potential money laundering and financing of terrorism activities. If grounds exist to suspect such activities, the institution may:
- Suspend transactions for up to three working days, pending further investigation by authorities
- Report suspicious activity to the Financial Information Unit
Protection of Whistleblowers
The government has introduced measures to protect individuals who submit suspicious transaction reports from liability. The submission of reports will not be considered a disclosure of confidential information, and those who report suspicious activity will not be held liable if it is later found that the activity was not related to money laundering or financing of terrorism.
Cooperation between Financial Institutions and Law Enforcement
The revised laws emphasize the importance of cooperation between financial institutions and law enforcement agencies in combating money laundering and financing of terrorism. The Financial Information Unit has been granted the authority to request additional information from financial institutions and individuals in cases where suspicious transactions are reported.
Conclusion
The government’s efforts to strengthen anti-money laundering and countering terrorism measures are seen as a major step forward in protecting Mongolia’s financial system from abuse by criminal organizations and terrorists.