Cabinet adds three countries to list of offshore territories

2017-12-07 09:53:58
Ulaanbaatar /MONTSAME/ During its regular meeting on December 6, the Cabinet resolved to modify the list of countries and territories designated as offshore zone. The list now includes Singapore, Hong Kong and Switzerland.

The Law of Mongolia on Regulation and Prevention of Conflicts of Interest for Public Service prohibits government officials, who submit income statement, and their affiliates from opening bank accounts, placing and managing assets, owning movable or immovable property and establishing legal entities through contribution as a shareholder in countries and territories declared as offshore zone during their tenures.