A technical assistance fund jointly established by the Slovak Republic and the International Investment Bank (IIB) has successfully finalised a pilot project, the Moscow-based development bank said on September 5.
The SR-IIB TAF fund was set up in 2016 to provide grant-type assistance for technical assistance projects in IIB member states classified by the OECD as countries eligible for Official Development Assistance, namely Cuba, Mongolia and Vietnam.
The eight-month project provided technical assistance for the Financial Regulatory Commission of Mongolia (FRC), with the aim of improving the Mongolian national regulatory framework for anti-money laundering and combating financing of terrorism (AML/CFT) to comply with the international standards set by the Financial Action Task Force (FATF).
It was carried out by a team of technical experts from Ernst and Young Slovakia spol. s r.o (EY), the which performed an in-depth analysis of the existing Mongolian legal framework in the AML/CFT area and prepared a comprehensive report identifying major legal issues and making concrete recommendations, the IIB said.
Nikolay Kosov, chairman of the IIB management board, said the project was an example of the Moscow-based development bank’s commitment to provide support to its developing member countries beyond its lending activities.
“I believe that institutional strengthening and capacity building of the Mongolian public institutions as well as improving the quality of legislation in the field of AML/СFT is one of the most important factors enhancing Mongolia’s financial stability and economic growth.” Kosov said.