On 18 October, 2019 - at a meeting of the International Financial Action Task Force (FATF) - Mongolia was included in the list of countries with ‘strategic deficiencies’ in anti-money laundering and combating the financing terrorism (AML/CFT). Since then, the State Great Khural (Parliament) has made amendments to the Law on the Legal Status of the Financial Regulatory Commission and the Law on Licensing of Business Activities; approved on 17 January, 2020. Now, the FRC is required by law to regulate and supervise real estate brokerage activities, as a service provider in relation to licensed activities.
Within the framework of the Digital Transition program - implemented by the Government of Mongolia - policies and strategies for the digitalization of public services are being developed, and a series of measures implemented.
According to the mutual evaluation report that assessed Mongolia’s AML/CTF framework and that was released in 2017 by Asia/Pacific Group on Money Laundering (APG) of the Financial Action Task Force (FATF), Mongolia received “partially compliant” result of the FATF recommendation 24, since Mongolia has not yet completed risk assessment for legal persons.
The Financial Regulatory Commission has been taking measures to implement recommendations set by the FATF, an inter-governmental body that sets international standards to combat money laundering and terrorist financing.