Armenia. A model for economy-wide beneficial ownership transparency

An article has been published on the EITI international website under this title, highlighting Armenia’s achievements in advancing beneficial ownership transparency. Below is a brief summary of the article.

As a result of the reforms implemented in recent years, Armenia has emerged as a model for other countries in the field of beneficial ownership transparency. In 2023, data on more than 120,000 legal entities were consolidated into a single unified online register, significantly strengthening public and government oversight as part of the anti-corruption agenda.

The reforms implemented include:

• Since 2021, with the support of the Opening Extractives programme, Armenia’s legislation has been aligned with beneficial ownership data standards (BODS), and a digital system for submitting beneficial ownership declarations has been established, improving the quality and accessibility of data.
• The initiative was initially launched in the mining sector and was expanded to other sectors of the economy in 2023. Companies are now required to disclose shareholders holding 20% or more of shares, while in the mining sector the threshold is 10% or more. In the case of politically exposed persons, disclosure is required regardless of the size of their ownership interest.
• Register data are publicly available, including names, citizenship and ownership interests. More detailed information can be accessed through tools available to registered users and journalists.
• Mechanisms for verifying beneficial ownership information during the licensing process will also be introduced, helping to prevent unjustified or unauthorised interests.
• Training sessions have been organised for civil society and media representatives on the effective use of beneficial ownership data. As a result, new connections have been uncovered between government officials, international companies and energy projects.

These initiatives make a significant contribution to combating corruption, strengthening public trust and supporting a more stable investment environment.

For further information, please see the full article at the following link: eiti.org