Publications

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.

Approval of package laws on exemption and credit of Tax and Social insurance premium during Covid19

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.

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

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.

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.

Railway transport regulations of Mongolia comply with some agreements and rules.

Tremendous mineral reserves, agricultural endowments, and proximity to Asia’s vast markets make Mongolia an attractive destination for medium- to long-term foreign direct investment (FDI).

New Constitution of Mongolia established a representative democracy after revolution from Socialist society to Democratic society which was adopted on January 13, 1992 and amended in 1999 and 2001.

Legal environment of Mongolia on Organizational confidentiality: Where the legal confidentiality environment is well established in a fairly competitive marketplace, business organizations are crucial in helping to build their own strengths, characteristics and colors.