Money in offshore bank accounts to be withdrawn in three months

Oyundelger 2017-04-14 05:04

Politics

Mongolian’s Parliament has approved amendments to Law on Managing and Preventing from conflict of interests in public service.

Money in offshore bank accounts to be withdrawn in three months. Mongolian’s Parliament has approved amendments to Law on Managing and Preventing from conflict of interests in public service. The law bans state and government officials to hold offshore bank accounts. In case if government officials already have offshore bank accounts and have deposited money, they are obliged to withdraw money from the account within three months since the approval of the law and to report it within 30 days after the action. Restrictions and limitations of the law will be applicable to over 30 thousand government officials, who are obliged to submit annual income statements to the Anti-Corruption Agency.