The Cabinet considered the heated discoveries of offshore bank accounts and private entities under the name of government high-ranking officials are affecting the people’s confidence in the public services.
Therefore, at its regular meeting of September 28, the cabinet discussed the draft amendments to the Law on Adjustment and Prevention of Conflict of Interest in the Public Service, and resolved to submit the bill to the State Great Khural (Parliament).
The bill sets out a provision, which bans the government officials, who are obliged to submit annual income statement to the Anti-Corruption Agency (ACA), to own bank accounts and private entities in offshore regions.
According to the latest statistics, a total of 13,140 companies with investments from 110 countries have been registered in Mongolia, of which 920 companies or 7.0 percent have investments from offshore regions. Between 1990 and 2015, a total of USD 14.2 billion of foreign investment entered Mongolia. Offshore investments constituted USD 10.8 billion or 76 percent.
The Cabinet considered the heated discoveries of offshore bank accounts and private entities under the name of government high-ranking officials are affecting the people’s confidence in the public services.
Therefore, at its regular meeting of September 28, the cabinet discussed the draft amendments to the Law on Adjustment and Prevention of Conflict of Interest in the Public Service, and resolved to submit the bill to the State Great Khural (Parliament).
The bill sets out a provision, which bans the government officials, who are obliged to submit annual income statement to the Anti-Corruption Agency (ACA), to own bank accounts and private entities in offshore regions.
According to the latest statistics, a total of 13,140 companies with investments from 110 countries have been registered in Mongolia, of which 920 companies or 7.0 percent have investments from offshore regions. Between 1990 and 2015, a total of USD 14.2 billion of foreign investment entered Mongolia. Offshore investments constituted USD 10.8 billion or 76 percent.