For Multinational Companies Anti-Corruption policies and legal compliance is a major priority. The Anti-Corruption law of Mongolia was enacted by the Parliament on 6 July 2006 and has since been amended several times.
The Law regulates the activities of political and governmental officials, officers and managers of state or local government owned entities, electoral candidates, and officials of some other organizations with an operational relationship with the government.
Certain specific officials are prohibited from corrupt activities listed in the law, and are additionally required to officially declare assets and income.
In addition to receiving bribes, the law penalizes giving bribes, or acting as an intermediary.
The law also outlines and regulates the structure, role and operational principles of the Mongolia Anti-Corruption Agency.
We will follow up over the next several days with a series of blog posts with more detail on this important topic.