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Liberia Advances Beneficial Ownership Transparency with New Regulatory Framework

Introduction

In a significant step towards improving transparency, particularly within the extractive sector, Liberia has published its regulation on the declaration of beneficial ownership information for domestic entities. This development is a testament to the commitment of government, civil society, media, and international partners to advance beneficial ownership transparency (BOT) implementation under the Opening Extractives (OE) programme.

Background

Liberia’s journey towards BOT implementation began in 2020 with the amendment to the Associations Law, which initially legislated for beneficial ownership transparency. However, the provisions were sparse, and the country identified several gaps in the legislative framework that needed to be addressed. To this end, Liberia started developing a regulation on beneficial ownership transparency in late 2022, supported by the OE programme.

The New Regulation

The new regulatory framework provides for the collection, processing, verification, maintenance, publication, and accessibility of beneficial ownership information of domestic entities. According to Sol Krause, Financial Sector Specialist at the Stolen Asset Recovery (StAR) Initiative’s “Program on Enhancing Transparency of Beneficial Ownership and Raising Awareness of Beneficial Ownership Risks to Combat Money Laundering”, requiring companies to report their true owners or controllers and making sure this information is checked and verified is a critical step in the fight against transnational money laundering and corruption.

Key Features of the Regulation

• Collection, processing, verification, maintenance, publication, and accessibility of beneficial ownership information of domestic entities
• Requirements for companies to report their true owners or controllers
• Verification process to ensure accuracy of reported information

Next Steps

The Beneficial Ownership National Steering Committee is now working towards establishing a beneficial ownership register before the end of 2023, with technical support from StAR. The first iteration of the Liberia register will be launched at the end of September in Monrovia.

Conclusion

This development marks an important milestone in Liberia’s efforts to improve transparency and accountability within its extractive sector. As the country continues to implement its BOT framework, it is expected to contribute positively to the fight against corruption and money laundering, ultimately benefiting the Liberian people and the economy as a whole.