Dealers of precious metals and stones

FRC amended the relevant laws including the law on Legal Status of the FRC and the law on AML/CFT with regard to an adoption of the law on the Proliferation of Weapons of Mass Destruction and Counter-terrorism which was approved in October. The FRC has became responsible for monitoring and regulating the activities of Real Estate Brokers (REBs) and Dealers of precious metals and stones (DPMS).

A package of draft laws was developed to improve the framework for AML/CFT. A working group was established to create a legal environment to regulate the activities of DPMS. Development and approval of relevant rules and regulations were made under the Order No. 391 of the Head of FRC Secretariat on 31 December.

In December, a cooperation agreement was signed between the FRC and the National Statistics Office, to identify DPMS, to create a database and include them in a business register.

FRC conducted an assessment of money laundering and terrorism financing risks of financial institutions and sectors.

With technical assistance from the ADB, and within the framework of prevention, information dissemination and training activities, FRC organized technical training on AML/CFT activities for DPMS, and REAs, in Darkhan, Erdenet and Ulaanbaatar.