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Wednesday, July 6, 2011




Mongolia Briefing is a magazine and daily news service about doing business in Mongolia. We cover topics relating to the Mongolian economy, the market in Mongolia, foreign direct investment and Mongolian law and tax. It is written in-house by the foreign investment professionals at Dezan Shira & Associates


Legal and Regulatory

Law on Prohibiting Mineral Exploration and Extraction Near Water Sources, Protected Areas and Forests

By Elena Fehrbach

The Mongolian Government is currently reviewing the Law on Prohibiting Mineral Exploration and Extraction Near Water Sources, Protected Areas and Forests. This Law is commonly referred as the “Long Name Law”. The first version of the Law was adopted in 2009 aiming to keep the mineral extraction operation within the environmental framework that would ultimately protect rivers and forests from harmful disturbing. Continue reading

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Mongolia Gov’t Proposes Amendments to Tax Law

By Elena Fehrbach

Aug. 24 – The Ministry of Finance and the Ministry of Economic Development has released drafts of new laws and amendments to a number of current laws on the website of the Mongolian National Chamber of Commerce and Industry. According to the accepted practice, the Ministries are requesting representatives of foreign and local business and legal communities to comment on the drafts of the new laws. Continue reading

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Luxembourg Initiates DTA Negotiations with Mongolia

By Elena Fehrbach

Aug. 4 – According to the announcement by the Ministry of Foreign Affairs of Luxembourg as of July 30, foreign ministries of Luxembourg and Mongolia have agreed to negotiate a Tax Treaty on Avoidance of Double Taxation. Continue reading

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Revised Law on Combating Money Laundering and Terrorism Financing

By Elena Fehrbach

The revised version of the Law on Combating Money Laundering and Terrorism Financing has been approved by the Parliament of Mongolia. The previous version of the Law was adopted on July 8, 2006. Under this Law certain financial institutions were obliged to verify their customers with “know your customer” procedures and report certain type of transactions in case anything suspicious has been revealed. Later, the Financial Intelligence Unit has been established at the Bank of Mongolia. The key responsibility of this Unit was a collection of reported data and monitoring of subsequent implementation of the Law. Continue reading

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Mongolia Approves New Securities Market Law

By Elena Fehrbach

Jun. 15 – Mongolian Government has just passed the new version of the Securities Market Law. The Law marks the new milestone in 22 years history of the capital market in Mongolia. The Law represents a strong, reliable and supportive document which is compliant with international standards. It is aiming to attract the required investments to Mongolia and provide conditions for better financial liquidity that would be comparable to some other Asian Stock Exchanges. Undoubtedly, the key developments of the new Law are the dual listing approval, custodian banking activities and stronger control of all the activities by the State regulatory authorities. Continue reading

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Strategic Foreign Investment Law Approved

By Elena Fehrbach

May 7 – One of the most important laws in Mongolia, a Strategic Foreign Investment Law (SFIL) has been approved by the Government. The amendment is effective from 19 April 2013.

Article 4.7 was amended and now stipulates that the Parliament will be an approval authority for transactions where non- Mongolian State- owned enterprises initiate acquisition of more than 49% of the issued shares of a Mongolian entity. The current amendment no longer includes deals initiated by private investors that since now do not require Parliamentary approval and 100 billion MNT (equivalent to approximately 70 million USD) threshold in its entity. Continue reading

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The Law on Small and Medium Enterprises is Expected to be Amended

By Elena Fehrbach

Apr. 25 – The main reason for amendment of the current Law on Small and Medium Enterprises is a lack of legal support for herders in Mongolia. The aim of the amended Law is to recognize the herders as small and medium enterprises allowing and supporting the animal husbandry business to become economically viable for herders. A draft of the new Law has recently been submitted to Z. Enkhbold, the Speaker of the Parliament. Continue reading

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New Securities Law Allowing Dual Listings to be Passed in Mongolia

By Elena Fehrbach

Apr. 10 – The new draft of the Securities Law has just been introduced for the discussion at the spring session of the Parliament which started on April 5. The suggested draft has been in the process of revision for more than 1 year and is expected to become a game- change regulation allowing dual listing. Continue reading

Posted in Finance, Legal and Regulatory, Markets, Tax and Accounting | Leave a comment




Dezan Shira & Associates provide a range of services for companies looking to undertake foreign direct investment into Asia, These include corporate establishment, accounting, tax, payroll, audit and due diligence. To learn more about the firm, please contact one of our specialists at mongolia@dezshira.com, download our corporate brochure or visit at us www.dezshira.com


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