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Guyana Government and MSG Agree on Beneficial Ownership and Politically Exposed Persons Definitions
Georgetown, Guyana - The Guyana Extractive Industries Transparency Initiative (GYEITI) has made significant progress in its efforts to improve transparency and accountability in the extractive industries sector. The National Secretariat (NA), Legal and Regulatory Review Working Group (LLRWG), and Independent Administrator (IA) have reached a consensus on the definitions of Beneficial Ownership (BO) and Politically Exposed Persons (PEP).
Progress Made
The agreement was reached after extensive stakeholder engagement, including input from companies, government agencies, civil society organizations, and private sector stakeholders. The definitions will serve as a foundation for the disclosure of BO and PEP information in Guyana’s extractive industries sector.
Definitions
Definition of Beneficial Ownership
Beneficial ownership refers to the ultimate person or entity that has control over a company, regardless of whether they hold shares directly or indirectly. This includes individuals who have significant influence over the company, such as family members, friends, or business partners.
Definition of Politically Exposed Persons
The definition of PEPs was also clarified, referring to individuals who occupy prominent public positions, such as government officials, politicians, and their relatives. These individuals are considered high-risk for corruption and money laundering, and the disclosure of their beneficial ownership information is critical to ensuring transparency and accountability.
Next Steps
With the definitions agreed upon, the GYEITI will now focus on implementing the necessary measures to ensure that companies disclose BO and PEP information in a timely and accurate manner. This includes:
- Providing training for companies on the definition and scope of BO
- Establishing a system for collecting and sharing this information
The initiative will also engage with civil society organizations to educate them about the importance of BO and PEP disclosure and ensure that they are informed about any changes to existing legislation or regulations.
Financial Support
The GYEITI has received financial support from the International Aid Transparency Initiative (IATI) to implement these measures, including a grant of $72,000 for issuing a joint press release to express the government’s and MSG’s position on BO disclosure issues.
Conclusion
In conclusion, the agreement on the definitions of BO and PEP is a significant milestone in Guyana’s efforts to improve transparency and accountability in the extractive industries sector. The GYEITI looks forward to working with all stakeholders to ensure that these measures are implemented effectively and efficiently.