THE FRC AMENDS REGULATION ON ON-SITE AND OFF-SITE SUPERVISION IN THE AREA OF ANTI-MONEY LAUNDERING AND COMBATING THE FINANCING OF TERRORISM
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.
In order to undertake above mentioned measures, Mongolian Government developed “Work plan to complete recommendations given by the Asia/Pacific Group on Money Laundering”. In concordance with this plan, the FRC in collaboration with relevant authorities such as the Financial Intelligence Unit, State Registry Authority, National Police Agency must complete assess the risk of legal persons to be exploited in money laundering and financial crimes illegally.
In accordance with this work plan, in 2018 working group was formed with the purpose of risk assessment of legal persons. The working group successfully completed “The risk assessment of illegally exploiting legal persons in money laundering in financial crimes”.