APG postpones possible decision on Mongolia’s inclusion in FATF blacklist by 12 months

The American Chamber of Commerce in Mongolia

2018-08-03 17:50 GMT+8

Director of the Financial Information Unit of the Bank of Mongolia Kh.Batchuluun stated that Mongolia being listed in the Financial Action Task Force (FATF) blacklist might pose substantial risks to the entire financial system of the country. The FATF’s Asia Pacific Group (APG) meeting was held from July 21 through 27 in Nepal.

A delegation of Mongolia, representing the BoM, the Ministry of Finance, the Ministry of Justice, the National Police Agency, and the IAAC took part in the meeting to report on the implementations of the guidelines and recommendations given by the FATF, based on the 2017 assessment report on Mongolia’s actions against money-laundering and terrorism financing. The APG concluded to postpone a possible decision on Mongolia’s inclusion in the blacklist by another 12 months.

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