MONGOLIA STILL UNDER INTERNATIONAL PRESSURE TO BOOST AML/CFT SYSTEMS
February 1st, 2018
WHILE Mongolia is a low-income country, with an annual per capita income of approximately USD3,590 in 2016 (said the World Bank), its economy is heavily reliant on mining, so increasing foreign investment in the sector is boosting the risk of dirty money entering the country.
Moreover, Mongolia’s long borders with Russia and China are porous, making it easier for money launderers from neighbouring China and Russia to access the shadow economy, according to Mongolia’s first National Risk Assessment (NRA) on ML/TF, which was published in October 2016. See ...
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