Mongolia becomes 1st country in Asia Pacific to comply with all recommendations by the Financial Action Task Force

(Adnkronos) – Mongolia showcasing its credentials as a global leader in the fight against terrorist financing ULAANBAATAR, Mongolia, Aug. 2, 2023 /PRNewswire/ — Mongolia is leading the way in safeguarding from money laundering and terrorist financing, further showcasing the country's commitment to combating corruption Minister of Justice and Home Affairs, Kh.Nyambaatar, announced. Mongolia has passed all 40 recommendations set by the Financial Action Task Force (FATF), making Mongolia the first in the Asia Pacific region, and the 5th country in the world. "This is a momentous accomplishment for our government and the country of Mongolia. It demonstrates our commitment in promoting regional security, making us a global leader in this fight," says Minister Nyambaatar. "FATF is the leading global watchdog for financial crimes. Mongolia takes its recommendations extremely seriously – and we welcome the increased accountability that comes with the adoption of the FATF recommendations. FATF researches how money is laundered and terrorism is funded, promotes global standards to mitigate these risks, and assesses whether countries are taking effective action. In total, more than 200 countries and jurisdictions have committed to implementing FATF's standards as part of a co-ordinated global response to preventing organised crime, corruption and terrorism. "In particular, the upgrading of 'Recommendation 8' – which looks at the potential for non-profit organisations (NPOs) to be abused for the financing of terrorism – from 'Partially Compliant' to 'Largely Compliant' status, affirms our commitment to a responsible non-profit sector with more transparency in civil society. Mongolia's unique approach to engage civil society in policy development areas to comply with the FATF recommendation shows a commitment to embracing the free speech and liberty of NPOs and demonstrating strong consensus of the government with civil society.  "Mongolia has made significant progress in increasing transparency in 2023, nominated by the government as the 'Year of Fighting Corruption'. Corruption is a predicate crime to money-laundering and other abuses of power, and we are determined to wipe out corruption in our country. Anti-corruption efforts have included the adoption of changes in anti-corruption laws and an anti-corruption strategy, the investigation and prosecution of high-level corruption cases, and the promotion of transparency and accountability in public procurement. "The Mongolian government will remain assiduous in continuing to root out corruption in the country," Minister Nyambaatar said. The 26th annual meeting of the Asia-Pacific Anti-Money Laundering Group took place in Vancouver, Canada on July 9-14, 2023. At the meeting, the Mongolia progress report defense team was headed by the Deputy Minister of Justice and Internal Affairs, B. Solongoo. The Group discussed and approved Mongolia's Progress Report related to the technical implementation of "Recommendation 8" related to non-profit organizations of FATF's 40 Recommendations. The Financial Action Task Force assesses countries and jurisdictions with the help of nine associate member organisations and other global partners such as the IMF and World Bank. Its 40 recommendations set out a comprehensive and consistent framework of measures in order to combat money laundering, terrorist financing and the financing of the proliferation of weapons of mass destruction. They set an international standard to prevent these illegal activities and their societal harm. In Mongolia's case, the assessment of full compliance with the 40 FATF Recommendations is a confirmation from many countries that Mongolia has created a robust legal framework and fully implemented and reflected relevant requirements in laws and regulations through improved regulation. 
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