In accordance with FATF Recommendation 1, countries should assess their ML/TF risk, while Recommendation 2 requires countries to implement national policies and measures based on the risk assessment results. In addition to that, the AML/CFT Law stipulates that a national risk assessment for ML/TF shall be conducted, and national policies and strategies based on the results of the assessment shall be developed and approved.
In this context, Mongolia's first ML/TF national risk assessment was conducted in 2016, and based on the outcomes of the risk assessment the first AML/CFT National Strategy of Mongolia was approved by the Annex of Government Resolution No. 143 dated May 17, 2017 and implemented in 2017-2019.
Subsequently, Mongolia’s ML/TF national risk assessment was updated in 2020-2021 and the “AML/CFT National Strategy”, developed based on the results of the above-mentioned second national risk assessment, was approved by the Annex of Government Resolution No. 265 dated July 5, 2022. The strategy will be implemented at the natioanal level between 2022 and 2030 within the framework of 8 objectives and 48 sub-objectives. Moreover, “Action plan for implementing the AML/CFT National Strategy” was discussed by the AML/CFT National and Cooperation Councils and approved by the Decree No. A/04 of the Chairman of the AML/CFT National Council and Minister of Justice and Home Affairs on January 9, 2023.
The implementation of the National Strategy will help ensure the effective execution of the long-term development policy of Mongolia “Vision-2050” between 2021 and 2030 approved by the Resolution No. 52 of the Parliament in 2020, the five-year basic guidelines for the development of Mongolia in 2021-2025, approved by the Resolution No. 23 of the Parilament in 2020, the Government Action Plan for 2020-2024 approved by the Resolution No. 24 of the Parliament in 2020.