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Guyana’s Pursuit of Beneficial Ownership Transparency Faces Scrutiny

As one of the world’s most oil-rich nations, Guyana has been under pressure to reform its extractive sector and increase transparency around beneficial ownership. In 2017, the country made a commitment to disclose the true owners of companies operating in the extractives industry, but how far has it come?

Implementation Status

According to publicly available sources, Guyana is currently at the Planned stage of implementing beneficial ownership transparency. This means that while the government has pledged to increase transparency, concrete steps have yet to be taken.

EITI Membership Commitment

The country’s commitment to beneficial ownership transparency was made as part of its membership with the Extractives Industry Transparency Initiative (EITI). However, it remains unclear when and how Guyana will meet this obligation.

Expert Concerns

Experts warn that without swift action, Guyana risks perpetuating a culture of opacity in the extractives sector. Beneficial ownership transparency is crucial for ensuring accountability and preventing corruption, but it also has significant benefits for investors and citizens alike.

Future Plans Uncertain

As data on beneficial ownership becomes more readily available, stakeholders are left wondering what lies ahead for Guyana’s implementation plans. Will the country finally take concrete steps towards increasing transparency or will its commitment remain just a promise?

Last Updated: 04 April 2024