Parliament adopts bill on disclosing beneficial ownership in mining industry

YEREVAN, NOVEMBER 13, ARMENPRESS. The Armenian parliament has adopted at second hearing the government-authored bill on amending the Code of Subsoil which envisages disclosing beneficial ownership in the mining industry.

The bill proposes that persons who are members of collegial or individual governance bodies (shareholder assembly, board and executive body) of a company operating in the sector should also be considered as owners when filing ownership declarations.

The bill passed with 94 votes in favor and 1 present.

The amendments will also improve the licensing process.

The initial November 30 deadline for submitting declarations is extended until January 30.

Edited and translated by Stepan Kocharyan