Public Reports on Financial Flows in Mining: Government Amending Relevant Laws

Public Reports on Financial Flows in Mining: Government Amending Relevant Laws

EcoLur

At the Cabinet meeting on 25 January, the Armenian Government approved the bills of RA Laws on making amendments and supplements to RA Code on Subsoil and adjacent laws. The adoption of these bills aims to ensure the compliance of the Armenian legislation to the Extractive Industries Transparency Initiative (EITI) standards. The EITI standard specifically sets a number of matters related to the scope of information subject to publication in soil management and mining sectors. The adoption of the bills will specifically ensure public reports on the financial flows and other data on the activities carried out by the mining companies and other competent bodies. These data will later be compared by an independent auditing company to be hired by the government and a public report will be drafted as a result of the analysis. As a result of the amendments in the bills, Armenia will introduce accountability mechanisms aiming to improve transparency. The legislative initiative package will particularly amend RA Code on Subsoil setting the scope of the information subject to publication by the competent body in the soil management and mining sector, as the official website of the Armenian Government informs.

19:01 January 25, 2018


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