President demands offshore account holders bring back their money within 49 days
On July 24, President Kh.Battulga called on all politicians, government officials and associates to bring back their offshore assets to Mongolia after disclosing their offshore accounts voluntarily within 49 days.
The President stated that there have been a number of instances where Mongolian politicians, government officials and associates secretly investing in offshore companies and setting up offshore bank accounts to evade tax obligations and hide illegal profits attained through abuse of power. He said that rumors regarding offshore assets connected to politicians and state officials have shed light on a rising problem in Mongolian society.
He noted that the International Monetary Fund, Tax Justice Network, and the Organization for Economic Co-operation and Development identified 42 territories throughout the world as being home to illegal tax shelters, and the International Consortium of Investigate Journalists revealed 49 Mongolian nationals holding assets in offshore accounts.
Kh.Battulga underlined that bringing back assets illegally acquired in Mongolia is critical as public trust in politicians is degrading. The public suspects that many politicians falsely declare their assets, evade taxes, accumulate fortune through corrupt means and hide their assets in offshore accounts.
He highlighted that it is common practice, among countries which have successfully fought off corruption, to forgive those who voluntarily reveal their assets.
On July 24, the President promised that offshore account holders who voluntarily bring back their assets within 49 days will be granted amnesty.
He added that all cases discovered after the 49 day deadline will face justice in Mongolia.