Mongolia has begun a comprehensive national financial risk assessment as part of efforts to strengthen its anti–money laundering and counter–terrorism financing (AML/CFT) framework, seeking to avoid a return to the Financial Action Task Force (FATF) “grey list.”
The country previously underwent mutual evaluations by the Asia/Pacific Group on Money Laundering (APG) in 2007 and 2017, both of which identified significant deficiencies in Mongolia’s AML/CFT regime. As a result, Mongolia was placed on the FATF’s grey list twice in the past two decades.
In preparation for the next evaluation scheduled for 2028, authorities have stressed the need for both the public and private sectors to collaborate on updating national AML/CFT strategies and improving their implementation effectiveness.
Nationwide Financial Risk Assessment Underway
To mitigate grey-listing risks, Mongolia has initiated its third National Risk Assessment (NRA), using the World Bank methodology, with completion targeted for 2026.
The assessment is being coordinated by the Financial Information Unit (FIU) under the leadership of the Minister of Justice and Home Affairs. A working group chaired by the FIU Director has been established, with deputy chairs from the Financial Regulatory Commission and the Office of the Prosecutor General.
Additionally, a separate inter-agency task force composed of 12 subgroups, involving 35 public and private organizations and more than 270 officials, is evaluating money laundering and terrorism financing risks across both financial and non-financial sectors.
According to officials, the review aims to ensure Mongolia meets key FATF compliance standards by strengthening risk detection, supervision, and reporting systems throughout the financial market.
The renewed effort underscores Mongolia’s determination to maintain its standing in the international financial community after successfully exiting the grey list in 2020.
