IIB to advise Mongolia on how to tackle money laundering
IIB, the Moscow-based multilateral development bank, together with Slovakia will advise Mongolia on how to fight money laundering and the financing of terrorism.
The International Investment Bank (IIB), the Moscow-based multilateral development bank, together with Slovakia will advise Mongolia on how to fight money laundering and the financing of terrorism. Mongolia, a shareholder of the IIB, needs to improve regulation of its financial system as part of the requirements of its ongoing $5.5bn assistance program led by the International Monetary Fund (IMF). Under the memorandum of understanding for the project – which was signed by the IIB and the Mongolian Financial Regulatory Commission (FRC) – the existing Mongolian legal and regulatory framework will be reviewed in respect of the recommendations the country has received for combating money laundering and the financing of terrorism, and then suggestions for improvements will be made to the Mongolian government for implementation. The project also aims to help raise awareness of the anti-money laundering and counter-terrorism financing issues among the general public and financial sector in Mongolia. The FRC regulates Mongolian financial markets apart from the commercial banking sector. This is a pilot project for the IIB’s technical assistance fund, which is designed to provide advisory and technical assistance to the developing countries that are members of the bank, namely Mongolia, Cuba and Vietnam.
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