The Mongolian parliament has today (22 November) decided to dismiss N.Bayartsaikhan, President of Central Bank of Mongolia and S.Davaasuren, Chairman of the Financial Regulatory Commission. As we have reported, there are demands that the pair must take responsibility for Mongolia being added to FATF’s grey list. Also, the parliament approved B.Lkhagvasuren as a President of Central Bank of Mongolia and D.Bayarsaikhan as Chairman of Financial Regulatory Commission.

In October, having failed to adequately comply with the requirements and recommendations of the Financial Action Task Force (FATF), concerning anti-money laundering and counter-terrorism financing measures, Mongolia was added to the FATF’s grey list alongside Iraq, Zimbabwe and N.Korea.