1 CURRENCY SWAP AGREEMENT EXTENDED FOR THREE YEARS WWW.MONTSAME.MN PUBLISHED:2020/08/04      2 MONGOLIA'S COAL EXPORT DROPS NEARLY 50 PCT AMID COVID-19 PANDEMIC WWW.XINHUANET.COM PUBLISHED:2020/08/04      3 MICROSOFT SAYS IT IS STILL TALKING WITH TRUMP ABOUT BUYING TIKTOK FROM ITS CHINESE OWNER WWW.CNN.COM PUBLISHED:2020/08/04      4 GLOBAL COAL POWER FALLS FOR FIRST TIME EVEN AS CHINA BUILDS MORE WWW.MINING.COM PUBLISHED:2020/08/04      5 U.S. FAA LAYS PLAN FOR BOEING 737 MAX'S RETURN; HURDLES REMAIN WWW.REUTERS.COM PUBLISHED:2020/08/04      6 15 KILLED IN MOTORCYCLE ACCIDENTS IN MONGOLIA IN JULY WWW.XINHUANET.COM PUBLISHED:2020/08/04      7 MONGOLIA EXPORTS 3000 TONNES OF HORSE MEAT TO CHINA WWW.NEWS.MN PUBLISHED:2020/08/04      8 CHINA TO PROVIDE RMB 600 MILLION AS NON-REFUNDABLE AID TO MONGOLIA WWW.MONTSAME.MN PUBLISHED:2020/08/04      9 NEW RESIDENTIAL AREA UNDER DEVELOPMENT IN MORINGYN DAVAA WWW.MONTSAME.MN PUBLISHED:2020/08/04      10 THE PEOPLE THAT COVID-19 HAS CUT OFF FROM HOME WWW.THEGUARDIAN.COM PUBLISHED:2020/08/03      ХҮҮГИЙН ТАТААСТ 34 МЯНГАН ЗЭЭЛДЭГЧИЙН 1.4 ОРЧИМ ИХ НАЯД ТӨГРӨГИЙН ЗЭЭЛИЙГ ХАМРУУЛНА WWW.MONTSAME.MN НИЙТЭЛСЭН:2020/08/04     БҮХ ТӨРЛИЙН ЗҮТГҮҮР, ВАГОНЫ ДУГУЙГ ЭХ ОРОНДОО УГСАРДАГ БОЛЛОО WWW.MONTSAME.MN НИЙТЭЛСЭН:2020/08/04     КОРОНАВИРУСИЙН ШИНЖИЛГЭЭ ХИЙХЭД ИТГЭМЖЛЭГДСЭН ЛАБОРАТОРИУДЫН 30-40%-ИЙН Л НӨӨЦИЙГ АШИГЛАЖ БАЙГАА ГЭВ WWW.IKON.MN НИЙТЭЛСЭН:2020/08/04     НҮҮРСНИЙ ЭКСПОРТ 46.4 ХУВИАР БУУРЧЭЭ WWW.IKON.MN НИЙТЭЛСЭН:2020/08/04     САЛХИТЫН МӨНГӨ-АЛТНЫ ОРДЫН НӨӨЦ НЭМЭГДЭНЭ WWW.IKON.MN НИЙТЭЛСЭН:2020/08/04     БАЙГУУЛЛАГУУДЫН ҮЙЛ АЖИЛЛАГААГ ХЯЗГААРЛАСАНТАЙ ХОЛБООТОЙГООР ЦАХИЛГААН ЭРЧИМ ХҮЧНИЙ ХЭРЭГЛЭЭ 7.8%-ИАР БУУРЧЭЭ WWW.IKON.MN НИЙТЭЛСЭН:2020/08/04     АШИГТАЙ АЖИЛЛАСАН ГАЗРУУД НИЙСЛЭЛИЙН ТӨСӨВТ 368.8 САЯ ТӨГРӨГ ТӨВЛӨРҮҮЛНЭ WWW.EAGLE.MN НИЙТЭЛСЭН:2020/08/04     МОНГОЛБАНК, ХЯТАДЫН АРДЫН БАНК ХООРОНД БАЙГУУЛСАН СВОП ХЭЛЦЛИЙГ ГУРВАН ЖИЛЭЭР СУНГАЖЭЭ WWW.EAGLE.MN НИЙТЭЛСЭН:2020/08/03     БНХАУ РУУ 3000 ТОНН АДУУНЫ МАХ ЭКСПОРТОЛЖЭЭ WWW.NEWS.MN НИЙТЭЛСЭН:2020/08/02     УБТЗ 16.9 САЯ ТОНН АЧАА ТЭЭВЭРЛЭСЭН АМЖИЛТААР ТӨМӨР ЗАМЧДЫН БАЯРАА УГТЛАА WWW.MONTSAME.MN НИЙТЭЛСЭН:2020/08/02    

FATF reviews Mongolia’s effort on AML/CFT www.montsame.mn

The FATF has announced that the mutual evaluation and related follow-up processes of all countries would be postponed for four months due to COVID-19 pandemic. However, the Minister of Finance and the Governor of the Bank of Mongolia conveyed a formal request in March 2020 to not extend the deadline and continue on the current schedule and organize the assessment meeting online. As a result, the deadline has not been postponed as agreed by the FATF.

On June 30, the Financial Action Task Force (FATF) released the result of the review process of Mongolia’s effort on anti-money laundering and combating the financing of terrorism (AML/CFT) as noted below:

In October 2019, Mongolia made a high-level political commitment to work with the FATF and APG to strengthen the effectiveness of its AML/CFT regime and address any related technical deficiencies. The FATF has made the initial determination that Mongolia has substantially completed its action plan and warrants an on-site assessment to verify that the implementation of Mongolia’s AML/CFT reforms has begun and is being sustained, and that the necessary political commitment remains in place to sustain implementation in the future. Specifically, Mongolia has made the following key reforms:

(1) improving sectoral ML/TF risk understanding by DNFBP supervisors, applying a risk-based approach to supervision and applying proportionate and dissuasive sanctions for breaches of AML/CFT obligations; (2) demonstrating increased investigations and prosecutions of different types of ML activity in line with identified risks; (3) demonstrating further seizure and confiscation of falsely/non-declared currency and applying effective, proportionate and dissuasive sanctions; (4) demonstrating cooperation and coordination between authorities to prevent sanctions evasion; and (5) monitoring compliance by FIs and DNFBPs with their PF-related TFS obligations, including the application of proportionate and dissuasive sanctions.

The FATF will continue to monitor the COVID-19 situation and conduct an on-site visit at the earliest possible date.

 
 
 


Published Date:2020-07-03