PRESIDENT SETS DEADLINE FOR WITHDRAWAL OF OFFSHORE MONEY

Ulaanbaatar /MONTSAME/ President Kh.Battulga called for bringing back offshore money in a recent statement. Addressing politicians, civil servants and linked individuals, the statement issued on July 24, Monday, described how the issue of offshore money is a highly condemned agenda in Mongolian society, citing media reports of how the money has allegedly changed its form into an immovable property in certain countries. The International Consortium of Investigative Journalists disclosed that 49 Mongolian nationals hold offshore bank accounts. “Mongolia has had no legal regulations on offshore bank account related issues until 2017 which has led to certain politicians and civil servants having bank accounts in offshore regions. Following international standards, they are pardoned at this point and are instead encouraged to bring back their offshore money”, the statement reads. The President gave offshore bank account holders 49 days starting from July 24 to close the accounts, and bring the money into Mongolian banks. “It is fair to expose and hold responsible the owners of offshore money which isn’t brought back to Mongolia within the given time”, the statement said. Kh.Aminaa