Financial Crime World

Beneficial Ownership Transparency in Guyana: NPTAB Awards Contract to Support EITI Roadmap Implementation

The National Procurement and Tender Administration Board (NPTAB) has awarded a contract valued at US$47,447 to Barker, Barron and Law to support the implementation of the Beneficial Ownership Roadmap in Guyana. The contract was awarded on February 20, 2024, following a tender issued by the Ministry of Natural Resources.

Tender Process

According to NPTAB’s website, four entities had submitted bids for the project. After a thorough evaluation process, Barker, Barron and Law emerged as the successful bidder. Under the terms of the contract, the consultancy firm will be responsible for executing tasks related to implementing the Beneficial Ownership Roadmap in Guyana.

Importance of Beneficial Ownership Transparency

The move is significant given that Guyana has yet to develop a register of beneficial owners of corporate entities that hold lucrative mining licenses in the extractive sectors. This is despite the requirement by the Extractive Industries Transparency Initiative (EITI) that countries maintain a public register of beneficial ownership information as of January 1, 2020.

EITI Requirements

EITI, a global standard aimed at promoting transparency and accountability in the oil, gas, and mining sectors, requires implementing countries like Guyana to implement a register of beneficial owners. The register is intended to demonstrate the level of ownership and details about how ownership or control is exercised.

Concerns Over Lack of Transparency

Guyana’s delay in implementing the Beneficial Ownership Roadmap has raised concerns over the lack of transparency in the country’s extractive industries. However, with this contract award, authorities are taking steps towards ensuring that beneficial ownership information is made publicly available, as required by EITI standards.

Key Takeaways

  • NPTAB awarded a contract to Barker, Barron and Law to support the implementation of the Beneficial Ownership Roadmap in Guyana.
  • The contract is valued at US$47,447 and was awarded on February 20, 2024.
  • The Beneficial Ownership Roadmap aims to promote transparency in Guyana’s extractive industries by making beneficial ownership information publicly available.
  • EITI requires implementing countries like Guyana to maintain a public register of beneficial ownership information.