PRELIMINARY RESEARCH RESULTS FROM NSO ARE PRESENTED

2020-05-26 15:03

On 15 October, 2019, the Law on Combating the Proliferation of Weapons of Mass Destruction was adopted, and amendments were made to the Law on the Legal Status of the Financial Regulatory Commission and the Law on Anti-Money Laundering and Combatting the Financing of Terrorism.

The Financial Regulatory Commission (FRC) is now obliged to monitor and regulate real estate brokers (REBs) and dealers in precious metals and stones (DPMS). The Commission has been taking a series of steps following FATF Guidance on the risk-based approach for DPMS; to establish a database, conduct risk assessments, create a legal environment and disseminate information.

In December, 2019 the FRC and the National Statistical Office (NSO) signed a cooperation agreement in order to register traders and maintain a unified database for non-financial business and professional service providers. This includes REBs and DPMS; which were recently added to the list of organisations to be regulated by the Commission. More than 175 employees of the NSO have since conducted research on the DPMS, nationwide, to create a unified database, register businesses and assess the risk of money laundering and the financing of terrorism. On 26 May, 2020 the NSO presented its preliminary research results to relevant officials of the FRC.

The results of this study are very important to identify those who have made cash transactions in excess of the FATF standard of MNT 20 million. The results will also provide for the dissemination of information on compliance with the Law on Anti-money Laundering and Combating the Financing of Terrorism, and assess risk levels through questionnaires.

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