The Asian Development Bank (ADB) will cooperate closely with Mongolia to remove the country from the Financial Action Task Force’s (FATF ) “grey list”, Pavit Ramachandranthe, the ADB’s new country director for Mongolia, said on Monday.

Ramachandran made the remarks during his meeting with Mongolian Parliament Chairman G.Zandanshatar. “The ADB has been one of Mongolia’s closest partners. The Mongolian economy has been recovering thanks to the implementation of the International Monetary Fund’s Extended Fund Facility,” Zandanshatar said. “However, getting out of the FATF’s ‘grey list’ is now a major issue for Mongolia,” he added.

Mongolia was added to the list alongside the likes of N.Korea and Iraqy, by FATF, an anti-money-laundering organization, in October after the country failed to pass requirements to combat money laundering and the financing of terrorism.