Mongolia Stays Committed to the Fight Against Money Laundering
Mongolia is the first Asia-Pacific and fifth global nation to implement all 40 FATF recommendations, demonstrating its dedication to the fight against corruption, terrorist financing, and money laundering.
The Mongolian government has vowed to continue to be a leader in the fight against terrorist financing, money laundering, and corruption. It is the first nation in Asia-Pacific and the fifth nation overall to have embraced all 40 of the Financial Action Task Force’s (FATF) recommendations.
The FATF is a global watchdog to combat financial crime. Out of the 200 nations and jurisdictions that have committed to reducing financial manipulation, organised crime, corruption, terrorist financing, and money laundering, Mongolia is now the first Asia-Pacific and fifth global country to adhere to it and fully implement all 40 FATF recommendations. Mongolia took the FATF advice seriously and gave its commitment to advancing regional and global security, establishing itself as a worldwide leader, and setting exemplary high standards for other nations, governments, and jurisdictions.
Remarkably, Mongolia’s compliance with recommendation 8, which looks at how nonprofit organisations might be used for terrorist financing, has improved from “partially compliant” to “largely compliant.” This demonstrates Mongolia’s dedication to a responsible charitable sector and enhanced civil society transparency. The innovative strategy adopted by Mongolia to implement FATF recommendations, which involves civil society in policy creation, reveals a commitment to maintaining freedom of expression and the liberties of nonprofit organisations as well as a deep understanding between the authorities and the private sector.
As a result of substantial advancements in transparency in 2023, Mongolia declared it to be the “Year of the Fight Against Corruption.” Mongolia is committed to eliminating corruption because it acts as a springboard for money laundering and other forms of authority abuse. Evaluating high-level corruption cases, fostering accountability and transparency in government procurement, as well as implementing improvements to laws against corruption and an all-encompassing anti-corruption strategy are all examples of measures taken to combat corruption.
The governing body of Mongolia is unwavering in its struggle against corruption in the nation. The Asia-Pacific Financial Crimes Group recently held its 26th annual conference in Vancouver, Canada. The Deputy Minister of Justice and Domestic Affairs, B. Solongoo, oversaw the team presenting the progress report for Mongolia during the meeting. Concerning the practical enactment of FATF recommendation 8 on nonprofit organisations, the committee discussed and accepted Mongolia’s performance assessment.
The FATF assesses nations and territories with the help of nine affiliate member organisations and other international partners like the IMF and the World Bank. Its 40 recommendations offer a thorough and well-rounded framework of steps to take in order to combat terrorist financing, money laundering, corruption, monetary manipulation, and the spread of weapons of mass destruction. These suggestions create a global benchmark for stopping these criminal behaviours and the damage they do to society.
Many nations have pointed out and appreciated Mongolia’s complete compliance with the FATF’s 40 recommendations as evidence that it has established a strong legal system and committed to the standards through increased regulation.
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