Promoting compliance of Armenian businesses with international standards to facilitate international cooperation
With support from the UK Department for International Trade, the British Embassy Yerevan, in partnership with Dimension Legal RVS (a member of the Mantashyants Association), organised a seminar on “Business Integrity as a Modern-Day Requirement,” which aimed to help Armenian businesses to improve their international compliance standards. This seminar also contributed to ensuring easier access to the Armenian market for UK and international businesses, and thus, ultimately, promoting the international business and trade relations of Armenian businesses.
For a business company striving to reach global markets or attract investment from abroad, it isn’t merely enough to be compliant with the requirements of its local legislation. Many states have enacted laws that enshrine obligations on locally registered businesses with an extraterritorial application, meaning the company is also liable for criminal conduct of associated businesses and individuals even outside of their home country. That is why, for companies that want to expand their business outside of their home country, matters like the integrity of their foreign business partners, their attention to environmental, social and corporate governance standards, due diligence of supply chains or partners become significant.
Starting from 1 January, 2023 the new Criminal Code of Armenia envisages criminal liability for legal entities, and effective compliance programmes ensure prevention or deduction of such criminal liability.
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UK Ambassador to Armenia John Gallagher mentioned in his opening remarks:
“I am glad that today’s seminar, with a reference to one of the leading legal systems – English law – as a model for international best practice, will familiarise Armenian businesses with the existing UK and international standards. This will also help to foster Armenia’s business environment, which would in turn consolidate and improve Armenia’s international rating and attract international investments.”
The Managing Director of Dimension Legal RVS Davit Hakobyan, who is also a qualified solicitor in England and Wales, thanked the British Embassy in Yerevan for their contribution in making local businesses more internationally compliant which in turn opens doors to attracting investments from EU countries and the UK better and provides opportunity to UK businesses to have easier access to the Armenian market.
Around 50 Armenian business companies attended the event, delivered by Ben Wells, Solicitor Advocate from the UK and experts from Dimension Legal RVS.