Mongolian ex-president laundering case shows Asian banks need a tight PEP regime, say officials - M.A.D. Investment Solutions: "Former Mongolian President Enkhbayar was imprisoned last month in Ulan Bator, after having been under investigation by Mongolia’s six-year-old anti-graft body, the Independent Authority Against Corruption (IAAC). The IAAC has claimed that some of Hong Kong and Singapore’s biggest banks were used for money laundering by a syndicate connected to Enkhbayar. The IAAC alleges that shell companies and bank accounts in Hong Kong and Singapore have been used by some wealthy Mongolians, including Enkhbayar, to transfer funds illegally out of the country.
Mongolia’s economy is currently undergoing a mining and resources boom, as countries and multinational businesses seek access to its copper, gold, uranium and coal reserves. In such instances, some politically connected officials may turn to corruption in order to benefit personally from the high demand."
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