A two-day OSCE workshop held on 13 and 14 November in Ulaanbaatar brought together 27 representatives of the Independent Authority Against Corruption (IAAC), the Financial Regulatory Commission, law enforcement agencies, financial institutions, and other relevant agencies to enhance national capacities in addressing money-laundering risks associated with virtual assets and blockchain-based finance.
The event focused on practical aspects of compliance, supervision, and investigations involving virtual assets. Participants gained hands-on experience in using blockchain analytics tools and explored regulatory and institutional approaches to mitigating emerging risks. This included examining best practices for financial institutions in servicing virtual asset businesses, approaches to due diligence and on-chain transaction monitoring, and the importance of inter-agency co-operation and information exchange in combating illicit finance.
"We are supporting Mongolia in strengthening its regulatory and investigative capacities on virtual assets, helping to ensure a safer and more transparent financial environment for all," noted Zurab Sanikidze, Senior Project Officer and Project Manager at the OSCE.
"Mongolia continues to take steps in the areas of anti-corruption and anti-money laundering. This support is timely as the virtual asset field continues to evolve and present new challenges," highlighted Jargalbaatar Chimeddorj, Head of the Investigation Unit and Senior Commissioner at the IAAC, in his opening remarks.
Discussions also addressed Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) supervision of crypto firms under the EU's Markets in Crypto-Assets (MiCA) regulation, collaboration between financial institutions and law enforcement, and effective communication mechanisms for reporting and freezing crypto assets.
The workshop was organized by the OSCE Office of the Co-ordinator of Economic and Environmental Activities (OCEEA), as part of the OSCE extrabudgetary project "Innovative Policy Solutions to Mitigate Money-Laundering Risks of Virtual Assets". The project receives financial support from the Governments of Germany, Italy, Poland, Romania, the United Kingdom, and the United States.
