Catalog

Effective Anti-Money-Laundering Regime in Mongolia

E-mail or fax the Publications Unit at + 632 636 2648 to order the printed version of this publication. Applicable shipping cost will be charged. Books, Periodicals, Studies, and Reports ISSN: 071607 Publication Date: December 2007 New

Financial sector reforms have been a priority of the Government of Mongolia for more than a decade. In the first half of the 1990s, banking activities were liberalized, bank regulations were strengthened, and the financial status of unviable banks was improved. Recently, reforms have shifted to strengthening corporate governance in commercial banks, developing an interbank money market, and establishing the legal and regulatory framework for nonbank financial institutions.

However, financial stabilization and economic growth have brought new issues and challenges. Mongolia has experienced a rapidly growing inflow of funds and because of the lack of transparency and information about the fund transfers, the gaps in the financial system could allow the illegal funds to flow. To ensure investor confidence, the orderly growth of the financial system, and assistance in international investigation of criminal activity, Mongolia must establish an effective anti–money-laundering (AML) regime.

This book contains the abridged version of the final report prepared by Illawara Technology Corporation, Ltd., in March 2007 for an ADB technical assistance project to create an adequate AML system for Mongolia.

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