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http://zgm.mn/post/3304/

BoM: Mongolia will exit greylist in 2020

BoM: Mongolia will exit greylist in 2020
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http://zgm.mn/post/3304/
  • Inclusion in the FATF’s watch list will not affect foreign transactions 


    Mongolia will be removed from the Financial Action Task Force (FATF)’s grey list within 2020, said the Bank of Mongolia (BoM). Mongolia has been included on a list of countries monitored by an international agency that polices anti-money laundering activities and terrorism financing couple of weeks earlier.Erdembbileg Ochirkhuu, First Deputy Governor of BoM stated that Mongolia will not have serious problems such as delaying foreign settlements due to the watch list. He said, “We are working with a plan to get out of greylist in 2020. The four indicators of FATF’s recommendation that have been evaluated as unsatisfactory can be improved in the short-term. Also, payment and transaction fee has not increased since the inclusion in greylist. FATF’s International Co-operation Review Group (ICRG) has already completed Mongolia’s risk evaluation in 2017.”During the FATF Plenary and Working Group meetings took place in Paris, Mongolia pledged to implement its action plan, including improving sectoral money laundering and terrorist financing risk understanding by Designated Non-Financial Business or Profession (DNFBP) supervisors, applying a riskbased approach to supervision, demonstrating increased inves-tigations and prosecutions of different types of money laun-dering activity in line with identified risks and applying effective, proportionate and dissua sive sanctions.“The grey list is not a bank debt issue. The FATF evaluates the legal framework and system for detec ting money laundering and terrorism,” addressed Ayush Dunk huu, Director General of Bank of Mongolia’s Legal Department. According to the follow-up report to Mongolia’s assessment of anti-money laundering and counter-terrorist financing measures, the country has undertaken a number of secto ral assessments including for NBFIs since 2017 mutual eva luation report (MER). The risk assessments of real estate and terrorist financing (TF) are recognized as positive, though it is difficult to fully appreciate what an average or moderate rating for TF means in the context of Mongolia. The global body said Mongolia had taken steps to improve its cooperation in the fight against money laundering, but that it needs to do continue enhancing its legal framework through legis lative measures and guidance to be removed from the grey list.







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    BoP deficit reaches USD 665.4 million

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    The foreign direct investment totaled USD 491.4 million, decreased by more than 20 percent year on year. The Bank of Mongolia (BoM) emphasized that the Oyu Tolgoi project made up more than 90 percent of the foreign direct investment as of the first quarter of the year.

    In the first four months of 2020, the balance of payments (BoP) showed a deficit of USD 665.4 million. The BoP deteriorated by USD 988 million compared to a surplus of USD 322.9 million in the same period last year. As the balance of payments deteriorates, the current account balance deficits USD 389.6 million. At the end of April last year, the current account surplus was USD 689.3 million. Major exports fell sharply due to border restrictions imposed to prevent COVID-19 during the period. Specifically, coal exports at the end of May shrunk 2.6 times than the previous year. In terms of inflows, foreign direct investment totaled USD 491.4 million, which decreased by more than 20 percent year on year. The Bank of Mongolia (BoM) emphasized that the Oyu Tolgoi project made up more than 90 percent of the foreign direct investment as of the first quarter of the year.

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    Coal export of SouthGobi Resources rises by 70% in May

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    • HSX listed SouthGobi Resources’ share price rose by 3.57 percent to HKD 0.58 as of Tuesday. Additionally, the company holds mining special licenses of Ovoot Tolgoi underground deposit

    During May 1-28, coal export of SouthGobi Resources Ltd. amounted to approximately 0.17 million tons, an increase of 70 percent from the same period in April 2020. To preserve its working capital, SouthGobi had suspended the coal mining operations from February 11, 2020, but in the meantime, the company is continuing its coal blending operations. The company speculated that its existing coal inventories are sufficient to satisfy expected sales demand for at least two months as of the date hereof. SouthGobi had finalized a repayment agreement with one of its biggest suppliers in Mongolia and is discussing repayment agreements with other suppliers. The company is also in the process of finalizing a one-year extension of an existing bank loan in Mongolia to May 2021. HSX listed SouthGobi Resources’ share price rose by 3.57 percent to HKD 0.58 as of Tuesday. Additionally, the company holds mining special licenses of Ovoot Tolgoi underground deposit and Zag Suuj deposit which located in Umnugovi province and exports coal to China through Shiveekhuren border checkpoint. 

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    Parliamentary election campaign officially begins

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    • Polling day of the election is scheduled to take place on June 24
    • The regulation specifies that parties, coalitions, and candidates shall organize any events, meetings with voters in online form during the election campaign

    The chairperson of a party, coalition, and a candidate, shall be prohibited from participating in independent non-election programs and interviews from the beginning of the election campaign until the end of the voting process.

    The parliamentary election campaign officially commenced on Tuesday amid the pandemic. According to the Law on Elections, the election campaign shall start from the day the candidate received an ID card and end 24 hours before the polling day or before 00.00 on the day before the polling day. The election polling is scheduled to take place on June 24. The chairperson of a party, coalition, and a candidate, shall be prohibited from participating in independent non-election programs and interviews from the beginning of the election campaign until the end of the voting process. The fine for violating certain rules is between MNT 20-200 million. During the 2020 Parliamentary Elections, polling stations will be decontaminated to prevent the spread of COVID-19 infection. About MNT 2.5 billion will be spent on providing protective equipment to employees. The government had also passed regulations on preventing infection during the election campaign. The regulation specifies that parties, coalitions, and candidates shall organize any events, meetings with voters in online form during the election campaign. If it is not possible to organize the event online, the meeting places shall be pre-cleaned, disinfected. Also, the distance between participants should be at least 1.5 meters, wearing masks. One-time meetings and gatherings will be held in the hall for a short time. In other words, it should not exceed two hours, according to the law. 

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    Six people retested positive for COVD-19, total cases rise to 185

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    Director of National Center for Communicable Diseases, Nyamkhuu Dulmaa announced the results of COVID-19 tests and the treatments during the daily briefing of the Ministry of Health (MoH). In accordance with his statement, a total of 365 out of 371 was tested negative for COVID-19 on May 31 also the randomly collected eight samples have been tested negative. However, six citizens who placed under quarantine retested positive for COVID-19. Confirmed cases were all imported from Russia came by the military flight on May 15, bringing the total of confirmed COVID-19 cases to 185.” Of them, approximately 44 citizens have been discharged from hospital and 141 patients have been receiving coronavirus treatment. In terms of the physical condition, 118 is light and the other 23 is a bit severe. Additionally, Director Nyamkhuu Dulmaa emphasized that the coronavirus was detected 18 days after the students were isolated which is the good result of extending the isolation period to 21 days. Currently, NCCD has started to collect samples of 179 citizens who repatriated from Istanbul Turkey in order to retest for infection.