Money in offshore bank accounts obliged to be withdrawn in three months

MONTSAME

2017-04-14 18:38 GMT+8

At its plenary meeting held on April 13, the Parliament approved amendments to Law on Managing and Preventing from conflict of interests in the public service. The law bans state and government officials to hold offshore bank accounts and if the officials already have offshore bank accounts and have deposited money, they are obliged to withdraw money from the account within three months since the law approval and to report about 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. Income statement forms will be renewed, in compliance with the law.

Member of Parliament Kh.Nyambaatar said ‘ - Names of some politicians of Mongolia are included in the Panama Paper list, therefore this ban on offshore bank account was raised. There has been a report on press that some USD17 billion is deposited into offshore bank accounts. We have an economy of USD10 billion and money transfer of more than USD10 billion should be under control. Therefore it should be investigated and discovered how and how much money had flown abroad over the last 17 years. If officials breach the law, they will be dismissed from his/her position or charged with even legal responsibility”.

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