Armenian law will disclose real owners of mining, mass media and other companies
24.09.2019,
16:19
Armenian Deputy Justice Minister Srbuhi Galyan said on Tuesday that a set of amendments made to the Law "On Subsoil", provide for creation of an open register of real owners of mining enterprises.
YEREVAN, September 24. /ARKA/. Armenian Deputy Justice Minister Srbuhi Galyan said on Tuesday that a set of amendments made to the Law "On Subsoil", provide for creation of an open register of real owners of mining enterprises.
"This was the first step; at the moment we are developing a roadmap for introducing a register of other sector companies with mandatory disclosure of their real owners," Galyan said.
According to her, the requirement to reveal real owners will be applied to three areas until 2021-2022, but she refrained from specifying which ones.
"We are currently preparing a roadmap on the basis of which we will determine these areas, but it is possible that the requirement to disclose the real owners may concern the mass media too," Galyan said.
In April 2019 the parliament of Armenia adopted amendments to the Law "On Subsurface Resources", which are aimed at identifying all real owners of mining companies, even offshore- registered ones. After the amendments enter into force, the law will also apply to individuals, and companies will be required to disclose all affiliated persons, including offshore-registered ones. -0-
"This was the first step; at the moment we are developing a roadmap for introducing a register of other sector companies with mandatory disclosure of their real owners," Galyan said.
According to her, the requirement to reveal real owners will be applied to three areas until 2021-2022, but she refrained from specifying which ones.
"We are currently preparing a roadmap on the basis of which we will determine these areas, but it is possible that the requirement to disclose the real owners may concern the mass media too," Galyan said.
In April 2019 the parliament of Armenia adopted amendments to the Law "On Subsurface Resources", which are aimed at identifying all real owners of mining companies, even offshore- registered ones. After the amendments enter into force, the law will also apply to individuals, and companies will be required to disclose all affiliated persons, including offshore-registered ones. -0-
