The International Consortium of Investigative Journalists has disclosed that 49 Mongolian nationals hold offshore bank accounts.

“Mongolia has had no legal regulations on offshore bank account related issues prior to 2017; this 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 has given offshore bank account holders 49 days starting from 24th July to close the accounts, and transfer their money into Mongolian banks.