FRC Chairman holds meeting with the Asia FoundationEconomy
Ulaanbaatar/MONTSAME/. Chairman of the Financial Regulatory
Commission, Mr. Bayarsaikhan held meeting with Mark Koenig, who is country
representative of Asia Foundation in Mongolia. At the beginning of the
meeting the FRC official provided brief introduction of the FRC report and
actions within its regulated sectors. After that the Chairman of the
Financial Regulatory Commission, Mr. Bayarsaikhan added that the FRC has been
taking comprehensive steps with the purpose to create regulatory framework for
virtual asset service providers, formulating and approving relevant
regulations. In reliance with this, Mr. Bayarsaikhan expressed his gratitude to
the country representative of Asia Foundation in Mongolia for cooperating in
successful organization virtual asset service provider workshop.
Asia foundation provided brief introduction and information about its project on illegal mining, which has commenced from 2020 and expressed wish to cooperate with the FRC on mining and combating money laundering and terrorism financing. Moreover, the country representative highlighted that within the framework of the-above mentioned project, he would like to focus on areas such as cooperation on combating illegal mining, bribery connected with environmental crime, working on the existing legal loopholes, and combating money laundering and terrorism financing efforts.
Chairman of the Financial Regulatory Commission, Mr. Bayarsaikhan expressed that he is delighted to cooperate on these areas, as well as highlighting key areas, which are ensuring supply chain transparency for the dealers in precious metals and stones, ensuring comprehensiveness of the laws and regulations in terms of combating money laundering and terrorism financing in this sector. Within these activities, he also mentioned that he believes in extending collaboration further and introducing best international practice.
At the end of the meeting Mark Koenig, who is country representative of Asia Foundation in Mongolia, expressed that they are very keen on supporting FRC activities and as a priority will be focusing on the mining sector. He also expressed that they will be happy to and looking forward to adding value and further extending collaboration into activities against money laundering and terrorism financing in general.
Source: Financial Regulatory Commission