Mongolia introduces Law on Glass Accounts
30 January 2015
On 1 July 2014, the Parliament of Mongolia adopted the Law of Mongolia on Glass Accounts ("Accounts Law") in an attempt to ensure the efficient and proper use of state and local government funds, the transparency of decisions and actions concerning budget management and public overview of the same. The Accounts Law entered into force on 1 January 2015.
The key feature of the Accounts Law is that it obliges all government agencies and legal entities with state involvement to make information on budgets and financial matters, including the utilisation of financing and other government indebtedness, available to the public. It should be noted that many of the reporting obligations imposed on government agencies under the Accounts Law were already in existence and reflected in the Law of Mongolia on Transparency of Information and the Right to Receive Information and the Law of Mongolia on the State Budget.
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