On 2021.Jan.18, Official journal of the European Union published a resolution by removing Mongolia from the list of high-risk third countries with a lack of strategies to combat money laundering and terrorist financing.
Original Copy of COMMISSION DELEGATED REGULATION (EU) 2021/37 can be downloaded from
The Bank of Mongolia announced that the decree will come into force on the 20th day after its publication in the magazine.
In October 2019, the FATF identified Mongolia as a jurisdiction having strategic AML/CFT deficiencies for which Mongolia had developed an action plan with the FATF. On this basis and in accordance with the latest relevant
information, the Commission’s assessment in May 2020 concluded that Mongolia should be considered as a third country jurisdiction which had strategic deficiencies in its AML/CFT regime that posed significant threats to the financial system of the Union, in accordance with the criteria set out in Article 9 of Directive (EU) 2015/849. It was also noted that Mongolia had provided written high-level political commitments to address the identified
deficiencies and had developed an action plan with the FATF.
The FATF welcomed significant progress made by Mongolia in improving its AML/CFT regime and noted that this country has established the legal and regulatory framework to meet the commitments in its action plan regarding
the strategic deficiencies that the FATF had identified. This country is therefore no longer subject to the FATF’s monitoring process under its on-going global AML/CFT compliance process. This country will continue to work with the FATF-Style Regional Bodies to further improve its AML/CFT regime.