Search by publications
Registration of ultimate beneficial owner information
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.
Regulation on blockchain in Mongolia
Blockchain technology was invented for bitcoin as its fundamental technology. It is a particular type or subset of so-called distributed ledger technology (“DLT”). The DLT is a way of recording and sharing data across multiple data stores (also known as ledgers), which each have the exact same data records and collectively maintained and controlled by a distributed network of computer servers, which are called nodes.
Mongolia: Mining 2020
Due to Mongolia has a rich resource of minerals, it is attracted by many foreign investors and many foreign and domestic companies looking for investment or business opportunities in the mining and petroleum sectors.
Mongolia is one of the 29 resource-rich developing countries identified by the International Monetary Fund. Approximately 2745 legal entities are held the mining and exploration licenses for 7,248,800 hectares area. It is covered 4.6% of the overall territory of Mongolia .
Impact of COVID-19 and its prevention measures on Mongolian economy
According to the latest update on national statistics, the Mongolian economy has shrunk by 10,7% in connection with the pandemic. The primary condition for the shrink is the decrease in the export of coal, copper and zinc concentrate, and oil due to declining demand for mineral resources in connection with the slowdown of Chinese economy, as the dependence from China is substantial. Following this, the current account deficit reached 767.0 million USD, increased by 368.9 million USD as of the first quarter compare to the same period of the previous year.
Legal alert: newly licensed activities of real estate brokerage in Mongolia
Real estate brokerage activities as non-financial business and professional service provider shall be considered as licensed activity in accordance with framework of improving policies, strategies and regulations to combat money laundering and terrorist financing. Accordingly, Financial Regulatory Commission (the FRC) of Mongolia approved “Procedure for Licensing, Permitting, Authorization and Registration of a real estate brokerage company” (the Procedure) by the resolution No 120, dating 11, March 2020.
28.05.2020
MONGOLIA: Approval of package laws on exemption and credit of Tax and Social insurance premium during Covid19
Approval of package laws on exemption and credit of Tax and Social insurance premium during Covid19
MONGOLIA: Measures to be undertaken by Employer during Covid-19
The Government of Mongolia is implementing the necessary measures to prevent the spread of the virus named as Covid-19 that World Health Organization declared the rapidly spreading corona-virus outbreak as a pandemic.
31.03.2020
Measures to support taxpayers in view of imposing Higher Level of Readiness in Mongolia
At irregular meeting on 27 March 2020, the Government Cabinet approved a resolution to implement following measures to support the taxpayers during higher level of readiness due to spread of Covid19 in Mongolia
27.03.2020
Regulations of Force majeure in Mongolia and Government actions on prevention and combatting with Covid19 outbreak
In accordance with Article 1.2 of Appendix of the Regulation No A/121 on Procedure to issue a Certificate on force majeure and hardship by the Chairman of Mongolian National Chamber of Commerce and Industry(hereinafter “the Chamber”) dated 24 January 2020, a force majeure means the parties are unable to implement their contractual obligation due to the following obstacles which are beyond the reasonable control of parties, unforeseeable circumstances and cannot be predicted, prevent or overcome by scientific and technological achievement.
Legal briefing on Combating money laundering and terrorism financing of Mongolia
By having failed to adequately comply with the recommendations of the Financial Action Task Force (FATF) on concerning anti-money laundering and counter-terrorism financing (AML/CFT) measures, Mongolia has been added to the FATF’s grey list along with Iraq and Zimbabwe on October 4, 2019. The FATF is an inter-governmental body established in 1989 to combat money laundering, terrorist financing and other related threats to the integrity of the international financial system.