The steps for introducing the institution of real owners are being taken now since the existing system is inefficient. This is what Minister of Justice Rustam Badasyan told journalists today.

 

According to Badasyan, after the revolution in Armenia, there have been one or two cases when real owners have not been disclosed. “Disclosure may be operational information, which will be specified in a criminal case, but when introducing the institution of real owners, we must take into consideration the fact that it is of essential and important significance for implementing the commitments for international mutual assistance not only in criminal cases, but also administrative cases and in regard to tax-related issues,” he said.

 

He stressed that investors wishing to do business in Armenia are interested in knowing who the owner is and “introduction of this institution will help those investors be certain about the person with whom they are going to do business”.