Mongolia is the first APAC country to implement all 40 FATF recommendations

Mongolia has become the first country in the Asia-Pacific region and the fifth in the world to implement all forty recommendations of the Financial Action Task Force on Money Laundering (FATF).

Mongolia’s Ministry of Justice and Home Affairs reported on its progress in implementing the recommendations at the Asia-Pacific Group on Money Laundering meeting in Vancouver in July. The group working to put the FATF rules into practice also included representatives from the Bank of Mongolia, the Financial Information Service, the Financial Regulatory Commission, the Prosecutor General’s Office, the Office of the National Counterterrorism Council and the General Tax Administration.

Mongolia was only removed from the FATF gray list in 2020 and committed to fully implementing all of the group’s recommendations, which it did in a relatively short period of time.

The Asia-Pacific Group on Money Laundering discussed and approved Mongolia’s progress report on the previously unimplemented FATF recommendations. As it turned out, the official Ulaanbaatar has safely eliminated the risks associated with the use of non-profit organizations for dirty money laundering and terrorist financing. Thus, Mongolia became the first country in the Asia-Pacific region and the fifth in the world to fully implement all FATF recommendations.

Mongolia’s Minister of Justice and Home Affairs, Khishgeghiin Nyambaatar, commenting on his country’s successes, told the media that it is a leader in the anti-corruption field and demonstrates to the world its commitment to fighting corruption.

“This is an important achievement for our government and the country of Mongolia . It demonstrates our commitment to strengthening regional security, making us a world leader in this fight … FATF is the leading global organization in the fight against financial crime. Mongolia takes its recommendations very seriously and we welcome the increased accountability associated with the adoption of FATF recommendations,” the Minister emphasized.

He also said that Mongolia has made significant progress in improving transparency.

“Corruption is a predicate offense to money laundering and other abuses of power, and we are determined to eradicate corruption in our country. Anti-corruption efforts have included enacting changes to anti-corruption legislation and anti-corruption strategy, investigating and prosecuting high-level corruption cases, and promoting transparency and accountability in public procurement… The Mongolian government will remain diligent in continuing to root out corruption in the country,” promised Khishgegyin Nyambaatar.