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Abstract:
In 2019,
Financial Action Task Force /FATF/ evaluated the implementation of the
recommendations on anti-money laundering and terrorism, and placed Mongolia on
the list of countries to be monitored or the "gray list", which not
only caused a scandal in society and politics, but also affected the economy
and foreign relations of Mongolia. As a result of cooperation between public
and private sector organizations for the purpose of combating money laundering,
at the FATF Asia-Pacific Anti-Money Laundering Group meeting held in August
2022, 39 out of 40 recommendations in Mongolia were evaluated as "fully
implemented" or "mostly implemented". As for
Mongolia, government agencies are intensively organizing activities to improve
regulatory measures and control mechanisms. Foreign researchers have done a lot
of research on combating money laundering, detecting it, ensuring transparency,
effective regulation, and how money laundering affects the economy. This study
was conducted since there is a lack of research on money laundering in
Mongolia, particularly on how money laundering affects the economy and banking
and finance sector.
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