April 20, 2018

Combatting money-laundering and terrorism financing


On April 19, the Legal Standing Committee members N. Uchral, L. Bold and N. Oyundary met with IMF’s Asia Pacific Region AML/CFT Advisor Clive Scott regarding Parliament’s discussion on amendments to money-laundering and terrorism financing laws. During the meeting, both sides discussed and reiterated that recommendations on anti-money laundering and combating the financing of terrorism were reflected in draft amendments.It was emphasized that failure to follow these recommendations may result in either delay or suspension for the Extended Fund Facility program.

Keywords: parliament, money-laundering, terrorism   The National Post /page 2/

Political party funding discussions held


On April 19, Transparency International Mongolia held a dialogue on “Political Party Funding and Preventing Corruption.” Parliament group against corruption, experts and researchers participated in the dialogue, which highlighted the need for laws regulating public disclosure of political party funding. Director of Law Studies V. Udval said, “Amendments about political party funding to the law of political parties will have an impact on the decrease of corruption indexes. In Mongolia, it is impossible to monitor either party’s funding sources or party expenses.” Member of Parliament L. Oyun-Erdene stated, “Several changes need to be made. A candidate is permitted to receive the maximum of 15 million MNT as donation from either an individual or a business entity. Legal statutes detailing criminal liability are needed when donations are more than the maximum amount”.       

Keywords: transparency, political financing, parliament   Today /page A2/ 


Insurance Sector in GDP


The total assets of the domestic insurance market equals 0.9 percent of the GDP, an increase of 0.03 point compared to 2017. According to the international standard, insurance constitutes approximately seven percent of GDP in most countries. By the end of 2017, the amount of personal insurance reached 44.6 thousand MNT, an increase of 21.4 percent over the previous year. A Reos Partners consultant reported that there is a lack of basic knowledge about insurance among citizens in Mongolia. GIZ from Germany is implementing a one-year project to improve insurance access. Insurance companies earned a total of 144.3 billion MNT in insurance premiums in 2017.   

Keywords: insurance, financial market   The Official Gazette /page 11/

online story  

Second Annual Green Financing Forum held


On April 20, Xacbank organized the second annual “Green Financing Forum” in cooperation with the Green Climate Fund and the Energy Regulatory Commission. The forum presents information about energy conservation, legal regulations and benefits, and highlighted a commercial electricity management system. Xacbank’s green financing program was also showcased.  Businesses who had previously obtained green financing shared their expertise with forum participants. The government of Mongolia approved a new nationwide energy conservation program, to be implemented through 2022.

Keywords: renewable energy, financing, banking

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The American Chamber of Commerce in Mongolia · 8F Naiman Zovkhis Building 21 Seoul Street · Ulaanbaatar, 01 14251 · Mongolia