Anti-Money laundering actions remain on schedule
Scientific Conference on Money Laundering takes place
3 сар, 3 долоо хоног өмнө
Under the auspices of Prime Minister Khurelsukh Ukhnaa, the Ministry of Justice and Home Affairs, National Police Agency and Bank of Mongolia held an International Scientific Conference on Money Laundering yesterday. According to officials, Mongolia fulfilled its obligation to Asia/ Pacific Group on Money Laundering (APGML), taking necessary steps to improve anti-money laundering actions. Opening the conference, Prime Minister addressed, “APGML conducted the second assessment on anti-money laundering and combating the financing of terrorism actions in Mongolia in 2016-2017. Mongolia received unsatisfactory review from the assessment and the APGML suggested several actions.
• Mongolia fulfilled its task to revise Law on Anti-Money Laundering and Combating Financing of Terrorism.
• Failure to fulfill the task would have had potential suspention of foreign transaction of commercial banks.
• Number of crime detection
of money laundering is
increasing in recent years.
As a result, we have approved the National Program on Anti-Money Laundering and Combating Financing of Terrorism, as well as Roadmap on Implementing APGML Suggestions. The key suggestion was to improve Mongolia’s ability to monitor high-amount transactions, tax, asset valuation and crimes against environment.” The APGML, during its 20th annual meeting in Colombo, Sri Lanka, included Mongolia on Mutual Evaluation Program and assigned Mongolia to adapt to 40 recommendations of Financial Action Task Force (FATF) and report within October 2018. Thus, Mongolia prepared the following strategies:
-Protecting Mongolia’s economy from financial crimes;
-De-risking potential outcomes from intensive control;
-Taking necessary steps to
maintain relations with correspondent
Furthermore, Mongolia was
obliged to revise the Law on Anti-Money
Laundering and Combating
Financing for Terrorism in
line with the FATF recommendations
before the end of the observation
period of October 2018.
The task was fulfilled in April
with the approval of revision to
the above-mentioned law.
Failure to fulfill the task would land Mongolia in the greylist,
which will pose serious risks to
the country's financial system,
potentially causing suspension
of foreign transactions of commercial
Additionally, the number of
money laundering crime detection
rate is increasing; however,
the people involved in these cases
have become more organized,
utilizing modern technology, such
as cryptocurrencies, to conceal
their money sources informed the
National Police Agency on this