23/08/2022 - The Global Forum Secretariat and the Asian Development Bank (ADB) are assisting Mongolia in preparing for its peer review aimed at assessing the country’s compliance with the international standard of transparency and exchange of information on request (EOIR).
From 15 to 18 August 2022, the Global Forum Secretariat and the ADB carried out a mock on-site visit in Ulaanbaatar, Mongolia, to discuss progress achieved and remaining challenges, and to prepare stakeholders for the review process. Various meetings with representatives from the government and the private sector were organised, including with the Ministry of Finance, the General Department of Taxation, the General Authority for State Registration, the Bank of Mongolia, the Financial Regulatory Commission, the Financial Intelligence Unit, the Chamber of Notaries, the Bar Association and the Institute of Certified Accountants. An induction session on the automatic exchange of financial account information (AEOI) standard was also provided to tax officials and other officials from relevant agencies.
Mongolia’s upcoming review, scheduled to be launched in the third quarter of 2022, will be conducted under the Round 2 of EOIR peer reviews, based on strengthened terms of reference that include the availability of and access to beneficial ownership information. This will be the country’s first assessment under the EOIR standard.
The Global Forum is the leading multilateral body mandated to ensure that jurisdictions around the world adhere to and effectively implement both the exchange of information on request standard and the standard of automatic exchange of information. These objectives are achieved through a robust monitoring and peer review process. The Global Forum also runs an extensive capacity-building programme to support its members in implementing the standards and help tax authorities make the best use of cross-border information sharing channels.
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