The National Council was established by Resolution No. 70 of the Prime Minister of Mongolia, dated April 20, 2017. Its purpose is to implement necessary measures aimed at improving the outcomes of Mongolia’s mutual evaluation concerning the combat against money laundering and the financing of terrorism, as mandated by the Financial Action Task Force (FATF).
On April 26, 2018, an amendment to the AML/CFT Law was enacted, which included provisions for the National Council to approve national policies and programs related to combating money laundering and terrorism financing, as well as to implement measures ensuring their enforcement. Subsequently, on August 20, 2018, Resolution No. 144 was amended by the Prime Minister of Mongolia designating the Minister of Justice and Home Affairs as chair of National Council. The composition of the National Council was approved by Resolution No. 21 of Prime Minister as follows on 7th August, 2024.
.PNG)
Function of the National Council
According to Article 221.1 of the Law on Combating Money Laundering and Terrorism Financing, the National Council is mandated to perform the following functions, with the Financial Information Unit acting as the Secretariat of the National Council:
- To develop a draft of the AML/CFT National Strategy based on National money laundering and terrorism financing risk assessment (NRA);
- To submit the draft AML/CFT National Strategy to the Government of Mongolia through the Head of the Council;
- To ensure and evaluate the implementation of the AML/CFT National Strategy, organize the NRA, and provide unified management;
- To update and approve the National Strategy based on the NRA results;
- To review the implementation of AML/CFT policies and strategies and submit the findings to the Government;
- To discuss measures aimed at enhancing cooperation within the AML/CFT framework;
- To ensure the implementation of the AML/CFT National Strategy and to cooperate with the relevant authorities.