Financial Crime World

Guyana Takes a Significant Step Towards Beneficial Ownership Transparency

The Ministry of Natural Resource in Guyana has recently issued a Request for Proposals (RFP) for consultancy services to support the implementation of a beneficial ownership roadmap. This initiative aims to increase transparency in the extractive industries by ensuring that companies publicly disclose beneficial ownership information, as required by the 2019 Extractive Industries Transparency Initiative (EITI) Standard.

Background

Guyana has committed to implementing beneficial ownership transparency as part of its binding agreement with EITI. The organization recommends that implementing countries maintain a publicly available register of the beneficial owners of corporate entities holding exploration or production oil, gas, or mining licenses. To support this requirement, Guyana has several pieces of legislation in place, including:

  • Anti-Money Laundering and Countering the Financing of Terrorism (Amendment) Act 2015: Defines beneficial ownership as “ownership by a natural person or persons who ultimately exercise individually or jointly voting rights representing at least twenty-five percent of the total shares.”
  • Companies Act 1998, Section 535: States that beneficial interest or beneficial ownership includes ownership through a trustee, legal representative, agent, or other intermediary.
  • Anti-Money Laundering and Countering the Financing of Terrorism Act 2009: Defines a politically exposed person as any individual who is or has been entrusted with prominent public functions on behalf of a state.

The Roadmap

In July 2018, the Guyana Multi-Stakeholder Group published a roadmap for disclosing beneficial ownership information. The roadmap sets milestones and deadlines towards this end. The implementation of the beneficial ownership roadmap aims to:

  • Increase transparency in the extractive industries
  • Promote accountability among companies operating in the sector

How to Participate

Interested consultants can obtain further information and proposal packages by emailing [email protected]. Proposals must be submitted electronically in PDF format, along with an original hard copy, sealed in an envelope. The deadline for submission is January 30, 2024, at 09:00 hours.

By implementing beneficial ownership transparency, Guyana is taking a significant step towards increasing accountability and promoting good governance in the extractive industries.