Mongolia's measures to combat money laundering and terrorist financing

Publication details

Language

English

Country

The  completed its assessment of Mongolia's anti-money laundering and counter-terrorist (AML/CFT) system.  The assessment is a comprehensive review of the effectiveness of Mongolia's measures to combat money laundering and terrorist financing and its level of compliance with the FATF Recommendations.    

The report was formally adopted by the APG at its annual meeting in July 2017, and the findings of this assessment have also been reviewed and endorsed by the FATF.  

 

Mutual Evaluation Report of Mongolia

Filename
Mongolia MER 2017 - published version.pdf
Size
1 MB
Format
application/pdf
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Technical Compliance

Ratings which reflect the extent to which a country has implemented the technical requirements of the FATF Recommendations.

Mongolia Mutual Evaluation 2017

R.1 - Assessing risk & applying risk-based approach
PC
R.2 - National cooperation and coordination
PC
R.3 - Money laundering offence
LC
R.4 - Confiscation and provisional measures
LC
R.5 - Terrorist financing offence
LC
R.6 - Targeted financial sanctions related to terrorism & terrorist financing
PC
R.7 - Targeted financial sanctions related to proliferation
NC
R.8 - Non-profit organisations
PC
R.9 - Financial institution secrecy laws
LC
R.10 - Customer due diligence
LC
R.11 - Record keeping
C
R.12 - Politically exposed persons
LC
R.13 - Correspondent banking
LC
R.14 - Money or value transfer services
PC
R.15 - New technologies
LC
R.16 - Wire transfers
LC
R.17 - Reliance on third parties
NC
R.18 - Internal controls and foreign branches and subsidiaries
LC
R.19 - Higher-risk countries
PC
R.20 - Reporting of suspicious transactions
LC
R.21 - Tipping-off and confidentiality
PC
R.22 - DNFBPs: Customer due diligence
NC
R.23 - DNFBPs: Other measures
NC
R.24 - Transparency and beneficial ownership of legal persons
PC
R.25 - Transparency and beneficial ownership of legal arrangements
PC
R.26 - Regulation and supervision of financial institutions
PC
R.27 - Powers of supervisors
LC
R.28 - Regulation and supervision of DNFBPs
NC
R.29 - Financial intelligence units
PC
R.30 - Responsibilities of law enforcement and investigative authorities
C
R.31 - Powers of law enforcement and investigative authorities
C
R.32 - Cash couriers
PC
R.33 - Statistics
PC
R.34 - Guidance and feedback
PC
R.35- Sanctions
PC
R.36 - International instruments
C
R.37 - Mutual legal assistance
C
R.38 - Mutual legal assistance: freezing and confiscation
LC
R.39 - Extradition
LC
R.40 - Other forms of international cooperation
LC

C = compliant   |   LC = largely compliant     |   PC = partially compliant   |   NC = non-compliant

Effectiveness

Ratings that reflect the extent to which a country's measures are effective. The assessment is conducted on the basis of 11 immediate outcomes, which represent key goals that an effective AML/CFT system should achieve.

Ratings that reflect the extent to which a country's measures are effective. The assessment is conducted on the basis of 11 immediate outcomes, which represent key goals that an effective AML/CFT system should achieve.

Mongolia Mutual Evaluation 2017

IO1
LE
IO2
ME
IO3
LE
IO4
LE
IO5
LE
IO6
LE
IO7
LE
IO8
ME
IO9
LE
IO10
LE
IO11
LE

HE = high level of effectiveness   |   SE = substantial level of effectiveness    |   ME = moderate level of effectiveness   |   LE = low level of effectiveness

Related materials

The FATF Recommendations

The FATF Recommendations are the basis on which all countries should meet the shared objective of tackling money laundering, terrorist financing and the financing of proliferation. The FATF calls upon all countries to effectively implement these measures in their national systems.

Mutual Evaluations

The FATF conducts peer reviews of each member on an ongoing basis to assess levels of implementation of the FATF Recommendations, providing an in-depth description and analysis of each country’s system for preventing criminal abuse of the financial system
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The 2022 and 2013 Methodologies for Assessing Technical Compliance with the FATF Recommendations and the Effectiveness of AML/CFT/CPF Systems

These documents are guides intended for use by assessors who are tasked with conducting a mutual evaluation. They provide a structured framework of analysis that ensures a level of consistency and high quality of the mutual evaluation reports produced. Latest update: August 2024