According to the Article 22 of the Law on Combating money laundering and terrorism financing, The Cooperation Council, with the function to ensure the implementation of laws related to combating money laundering and terrorism financing, to exchange information, to mitigate risk and to prepare recommendations on preventative measures shall be established at the Financial Information Unit.
The law on Combating money laundering and terrorism financing was first enacted in 2006 and reflected the activities of the Cooperation Council. The Cooperation Council’s structure and operating procedures were first approved as an Annex to the Decree No.160 of the Governor of the Bank of Mongolia dated April 5, 2007. Since then, the structure and operating procedures have changed several times. Currently, the Cooperation Council is operating under the “Regulation on the Cooperation Council” approved by the Annex to the Decree No. A-229 of the Governor of the Bank of Mongolia dated September 2, 2019 and “The structure of the Cooperation Council” approved by the Governor of the Bank of Mongolia on August 28, 2019 as an Annex to the Decree No. A-225.
The member authorities of Cooperation Council are shown below:
Image. Structure of the Cooperation Council on AML/CFT
Figure. Meeting statistics of NC and CC /2017-2020/
