A total of 42 countries have been registered as “offshore regions” by the International Monetary Fund (IMF), and the International Consortium of Investigative Journalists revealed that 49 Mongolian nationals have accounts in those regions.
President of Mongolia Khaltmaagiin Battulga called upon those who have offshore properties to close their bank accounts in offshore regions and bring their assets back to Mongolia and gave them a period of 49 days starting on July 24, 2017. The 49 days have ended yesterday.
Regarding the end of appeal, Chief of Staff of the President’s Office Z.Enkhbold received the Chairman and Commissioner-in-chief of the Independent Agency Against Corruption (IAAC) Kh.Enkhjargal, on September 12.
Mr. Enkhbold asked, after mentioning that politicians, public officials, and their associates can own companies and capitals that have only been registered and imposed with the taxation of Mongolia in accordance with the Criminal Code and Tax Law of Mongolia, what results have come out now that the 49-day period is over.
In response, IAAC Chairman Kh.Enkhjargal informed that the agency has called 23 persons and held three meetings with every one of them and that no capital has been withdrawn to the country, thus far.
In pursuance of the Law on Adjustment of Interests and Prevention of Conflict of Interests in Public Service, a Mongolian citizen is obligated to close his/her bank account, withdraw cash, sell out or transfer ownership of properties and cancel operations of entity in offshore region within three months since the Government of Mongolia released the official list of offshore regions. After doing the above, a person is also obligated to report on the change of properties and income within 30 days to IAAC.
However, due to the absence of resolution officiating the list of offshore regions, Mongolia does not have the official definition of offshore regions, according to Kh.Enkhjargal.
The latter also reported that he has submitted top secret information on the status of operations on the “offshore properties” issue to the President of Mongolia.
Cabinet approved the official list of offshore regions at its regular meeting of August 31. Unfortunately, it has not been officialized by a resolution until now.
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