ARTICLE · 08 SEPTEMBER 2020

Registration Of Ultimate Beneficial Owner Information

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Financial Action Task Force (FATF) announced that Mongolia included in the FATF grey list considering as a favorable country for supporting money laundering and terrorism financing on 18 October, 2019.

MongoliaGovernment, Public Sector

Bolormaa Volodya

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1. General framework

Financial Action Task Force (FATF) announced that Mongolia included in the FATF grey list considering as a favorable country for supporting money laundering and terrorism financing on 18 October, 2019.

Recommendations 24 and 25 of the FATF are focused on the legal entity's transparency and measures related to the ultimate beneficial owner and FATF assessed under their report on Mutual Evaluation of Mongolia with regard to the ultimate beneficial owner as followings:

Mongolia had not assessed the risks associated with the different types of legal entities incorporated in such country and any sanctions for non-compliance with obligations under Recommendation 24 were not dissuasive.

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