1/6/2021
During 2017-2020, the World Bank's SFFS Project has been contributing extensively to increasing the efficiency of the AML/CFT framework in Mongolia and eliminating its strategic deficiencies by improving the legal environment and building the necessary capacity of the Cooperation Council member-organizations.
In 2017, the FATF conducted a mutual evaluation and concluded Mongolia's AML/CFT framework demonstrated shortcomings, and in October 2019, it was included in the FATF' grey list'. State agencies, professional associations and private sector vigorously collaborated in eradicating the shortcomings and complying with the recommendations, and, as a result, Mongolia officially exited the list during the October 23, 2020, FATF plenary meeting.
During this period, the Parliament of Mongolia approved amendments to the AML/CFT law, revised the Law on weapons of mass destruction and countering terrorism; and required designated non-financial businesses and professions to report to the FIU. The Government of Mongolia signed a Memorandum of Understanding with several countries and collaborated with them on legislation regulating money laundering crimes. The FIU developed recommendations on implementing a risk-based approach to AML/CFT and guidance and manuals on completing the respective forms for entities that are required to report. Supervisory bodies' capacity, such as the Bank of Mongolia (BOM) and FRC, and professional associations to conduct offsite and onsite supervision, has been strengthened. Given the nation-wide importance of the AML/CFT issues, the Cooperation Council members enlist the BOM, FIU, FRC, Ministry of Finance, Ministry of Justice and Internal Affairs, Ministry of Foreign Affairs, and a group of legal authorities. Therefore, it must be emphasized that the collaboration of state entities, professional associations, and the private sector played a crucial role in achieving the exit from the 'list.'
Four professional associations participated in onsite meetings with representatives of the United States of America, Russia, the United Kingdom, the People's Republic of China, and online discussions with ten international organizations. The FATF applauded Mongolia's successful organization of the onsite visit despite the COVID-19-related difficult circumstances
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WORLD BANK WORKING GROUP MET WITH PIU AND IMPLEMENTING ORGANIZATIONS REGARDING THE COMPLETION REPORT OF THE STRENGTHENING GOVERNANCE IN MONGOLIA PROJECT
4/3/2023
Concerning the Strengthening Governance in Mongolia project, which was completed on February 28, 2023, the World Bank working group to develop the project completion report had an official meeting with Project Implementation Unit (PIU) and implementing organizations on March 30, 2023. The purpose of the working group meeting is to review the implementation of the project, the results achieved, and the fulfillment of the project indicators. |
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PERFORMANCE BASED FINANCING: INSPIRING NEW APPROACHES TO PUBLIC FINANCIAL MANAGEMENT IN HEALTH AND EDUCATION
3/23/2023
Performance based financing (PBF) links funds or payments to service providers to results achieved and gives them considerable autonomy in the use of these funds. The strategic approach is appealing to many individuals and organizations as it motivates them to perform better and channels resources directly to the frontlines. This in turn fosters greater accountability. Using this approach has been popular in different sectors with some promising results emerging. |
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AN INTEGRATED SYSTEM FOR RESULTS-BASED MEDIUM-TERM BUDGET PLANNING: IN ACHIEVING THE GOALS OF IMPROVING BUDGET PLANNING, BUDGET EFFICIENCY AND PROGRAM OUTCOME.
3/7/2023
Under the scope of improving public financial management, Mongolia is aiming to introduce result-oriented medium-term budgeting, transitioning from the traditional input-based budgeting. This goal is aligned with development policy of Mongolia to shift from medium-term fiscal framework (MTFF) to medium-term expenditure framework (MTEF). |
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The MOF is entering the new phase of PFM Reform Action Plan
2/28/2023
Within the framework of the European Union financed, World Bank managed “Strengthening Governance in Mongolia” project, the Ministry of Finance, in compliance with the “Sustainable Development Vision 2030” and the “Action Program of the Government of Mongolia for 2016-2020”, has approved and implemented the Public Financial Management (PFM) Reform Strategy and the Action Plan for 2018-2022. The overarching objective of the strategy was to improve governance and achieve effective resource allocation and efficient public service delivery. The implementation status of the PFM Action Plan is indicated as “Certain results have been achieved” at the rate of 85 percent. |
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LAUNCHED BETA VERSION OF THE REDEVELOPED GLASS ACCOUNT PORTAL
1/20/2023
The Ministry of Finance Mongolia has developed and successfully launched the new version of the Glass Account Portal in 2023 within the framework of the Strengthening Governance in Mongolia Project jointly implemented by the EU and the World bank. |
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New systems and services are added in the Intermediate service platform for fiscal and financial systems
1/11/2023
The Ministry of Finance Mongolia has developed and successfully launched the Intermediate Service Platform (ISP) in 2022 within the framework of the Strengthening Governance in Mongolia Project. The main purpose of the system is to provide a possibility of information /web services/ exchange between the independent systems of the Ministry of Finance and other organizations in a easy and flexible way. In addition, it is solving the issues of overlapping connections and development between many information systems and organizations, transferring them to a unified standard, making it has no complexity, and more secure. |
