President sets deadline for withdrawal of offshore money
Mongolian President Khaltmaa Battulga urged the politicians, civil servants and individuals to bring their offshore money to Mongolia.
President sets deadline for a withdrawal of offshore money. Mongolian President Khaltmaa Battulga urged the politicians, civil servants and individuals to bring their offshore money to Mongolia. According to the International Consortium of Investigative Journalists, 49 Mongolian nationals hold offshore bank accounts. Mongolia has had no legal regulations of offshore money related issues until 2017 and it resulted in that certain politicians and civil servants have bank accounts offshore. "In accordance with international standards, they are pardoned at this point and are instead encouraged to bring back their offshore money," the president said in his statement. The deadline for closing offshore accounts and bringing money to Mongolian banks ends in 49 days starting on July 24, according to the president's statement. “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.
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