Preliminary comments for FATF mutual evaluation expected next week

Mongolia has submitted its Mutual Evaluation, including measures undertaken to strengthen the anticorruption and counter financing of terrorism system, and is awaiting preliminary result from the Financial Action Task Force (FATF).

Mongol Bank says the preliminary result should be sent by FATF either on May 24 or 25.

As scheduled on May 11, Mongolia’s task force in charge of measures on greylisting reported on actions that Mongolia implemented to remove strategic deficiencies within the framework of FAFT’s three recommendations.

Citing the Financial Information Department of Mongol Bank, the team said that the FATF side seemed satisfied with Mongolia’s preparation and effort.

To provide relief amid the COVID19 crisis, FATF extended deadlines for countries that were originally scheduled to report back to the institution this year. However, Mongolia requested to maintain its original schedule to fulfill its ambitious goal to get off the grey list before the end of the year.

The official response to Mongolia’s mutual evaluation is scheduled to be released in late June. If FATF views Mongolia’s efforts to remove its strategic deficiencies satisfactory, a special team will be sent to Mongolia for an onsite inspection and review.