Parliament's Legal Standing Committee discusses immigration and money laundering

The American Chamber of Commerce in Mongolia

2018-02-07 12:53 GMT+8

Parliament's Legal Standing Committee met on February 6, and agreed to review a parliamentary resolution on immigrants in Mongolia. The resolution states that the number of immigrants in Mongolia should be no more than 100 from 2018 to 2020, 30 from Russia, 30 from China, and 40 from other nations.

There are currently 1,957 registered immigrants in Mongolia and 63.7 percent of them are Chinese.
Amendments to the Law on Combating Money Laundering and Terrorism Financing were also discussed by the committee. The Financial Action Task Force on Money Laundering (FATF) gave the committee nine suggestions for combating money launder and terrorism financing.

Mongolia has been notified that it is facing the possibility of being included on the FATF’s black or grey list for countries with ineffective regulations if the FATF's suggestions aren’t followed.

Some nations place financial sanctions on countries that are on the FATF's black and grey lists. Vice Minister of Justice and Internal Affairs B. Enkhbayar noted, “The ministry is working to prevent any unwanted outcomes and is working to monitor relevant agencies.

Officers are being empowered and trained as a part of Cabinet’s Combating Money Laundering and Terrorism Financing Program, which was approved at the end of 2017.” The amendments were approved by the committee with an 81.8 percent vote of approval.

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