A. BACKGROUND

The Government of Mongolia has received a credit from the International Development Association toward the cost of the Strengthening Fiscal and Financial Stability Project (SFFSP), and it intends to improve fiscal policy and sustainability in a mineral-based economy, protect the poor and vulnerable, and restore confidence in the financial sector. The Ministry of Finance (MOF) will be responsible for the implementation of the project, including overall coordination, results monitoring.

Strengthening Mongolia’s anti-money laundering and combatting the financing of terrorism (AML/CFT) legal and regulatory framework is important to protect the soundness of the financial system. The Financial Action Task Force (FATF) has evaluated the effectiveness of Mongolia’s AML/CFT regime in 2017 by using mutual evaluation system and identified related technical deficiencies. In this regard, Mongolia has adopted and implemented the AML/CFT National Strategy and Action Plan in 2017-2019 to address the identified deficiencies and to effectively apply the FATF Recommendations. This AML/CFT National Strategy has provided a clear roadmap for the Mongolian authorities to improve the AML/CFT framework by sustaining their policy and operational coordination. As a result, Mongolia was included in the FATF’s list of jurisdictions with strategic AML/CFT deficiencies or so-called “Grey list” with only 6 action items in 2019. Thus, with the help of effective cooperation and coordination and strong commitment, Mongolia was able to get off the “Grey list” in 2020 within 1 year which is the shortest period compared to other jurisdictions. In terms of technical compliance, 37 out of FATF 40 Recommendations are rated as largely compliant or compliant. However, the FATF has placed Mongolia under the enhanced follow-up process for further improving the effectiveness of the AML/CFT framework. 

Due to the new emerging risks and increase in money laundering and terrorist financing (ML/TF) threats and vulnerabilities, international organizations including FATF have been strengthening their measures and taken policy responses. Thus, to cope up with the global trend and prepare for the FATF’s follow-up assessment, Mongolia requests the international consultant to develop the next medium-term AML/CFT National Strategy and Action plan addressing the necessary changes in the legal and regulatory framework, improving the supervision and regulation of financial institutions and designated non-financial businesses and professions, and developing AML/CFT capacity of competent authorities as well as the private sector. 

B. OBJECTIVE OF THE ASSIGNMENT

The main objective of this assignment is to develop the medium-term AML/CFT National Strategy and Action plan to help Mongolia to prepare for the FATF’s follow-up assessment and to upgrade the technical compliance and effectiveness ratings with the FATF Recommendations.

C. SCOPE OF THE WORK

Key responsibilities of the International Consultant will include providing consultancy service to the Financial Information Unit (FIU) of Mongolia on the following matters, but not limited to:

D. DELIVERABLES

The International Consultant shall submit the following DELIVERABLES to the FIU-Mongolia:

1. Reports on supporting assessment and analysis:

    1.1. The assessment report on the review of Mongolia’s ML/TF threats and inherent vulnerabilities as well as capacity to combat ML/TF at the national level;

    1.2. Gap analysis report on shortcomings in relation to the technical requirements of the FATF Recommendations and Immediate Outcomes as well as obstacles to the effectiveness;

    1.3. The report on analyzes of the legal framework and recommendations in achieving full compliance with FATF Standards;

2. Preliminary draft of the medium-term AML/CFT National Strategy and Action Plan based on the findings of the supporting assessment and analysis as well as the international best practices;

3. Training manuals and capacity building program materials for Government authorities; 

4. Finalized medium-term AML/CFT National Strategy and Action Plan based on the comments and feedback received from the FIU-Mongolia. 

At the end of the assignment, all the finalized deliverables shall be submitted as one consolidated report. 

E. CONSULTANT’S QUALIFICATIONS

To be considered, eligible candidates should have all the eligibility criteria listed below:

Education: A suitable candidate should have a graduate degree in Economics, Finance, or a relevant field(s).

Experience:

- At least 5-8 years of international working experience in the area of AML/CFT;

- Previous assessment experience such as an assessor or reviewer for FATF or FSRB assessments, or for the ICRG is an asset;

- To be flexible to adapt to changing priorities and circumstances, and meet deadlines;

- Motivate and coach staff and maintain effective working relationships with senior management and colleagues;

- To be proficient in Microsoft Office programs;

Language skills: Professional English in writing and speaking.

F. SUPERVISION AND REPORTING

The International Consultant will report directly to the FIU-Mongolia and will work on a day-to-day basis with the officials appointed by the FIU-Mongolia on technical matters related to the assignment. All information provided to the consultant will be regarded as confidential and shall not be shared with any outside individuals or organizations.

G. CONTRACT DURATION

The consultant work is expected to commence in July 2021 and the total duration of the assignment is 5 months. If any task is not completed and approved by the Client within the agreed-upon timeline, the Consultant should complete the tasks without any additional cost.

Payments will be released upon satisfactory completion of all deliverables according to the following schedule:

- Deliverables 1-2: 50% of total contract amount; and 

- Deliverables 3-4: 50% of total contract amount.

H. INSTITUTIONAL ARRANGEMENTS

The International Consultant is expected to work with the FIU-Mongolia on a remote basis due to the pandemic travel restrictions and have a weekly discussion on the progress update of the assignment.

If you possess the above qualifications, please submit the following documents via email to procurement@sffs.mn. 

    1. Cover letter indicating why she/he considers her/himself suitable for the position;

    2. Detailed CV highlighting relevant skills/experience;

    3. Copy of diplomas or certificates; and,

    4. Two (2) reference letters from previous last two employers.

The consultant will be selected in accordance with the World Bank’s Procurement Regulations for IPF Borrowers (July 2016).

Expressions of Interest must be delivered in a written form to the address below by e-mail before 15:00 pm on June 24, 2021 (local time, Ulan-Bator, Mongolia). 

Further information can be obtained at the address below during office hours: 8:30 to 17:30 hours (local Ulaanbaatar time) or procurement@sffs.mn.

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