Financial Crime World

Liberia Tackles Financial Crimes: Building a Beneficial Ownership Register in Liberia Amidst Global Losses

Monrovia, Liberia - Liberia is making significant strides towards establishing a Beneficial Ownership (BO) register, with stakeholders urging continued efforts against corruption, fraud, money laundering, illicit financial flows, and tax evasion.

Liberia’s Progress Towards a Beneficial Ownership Register

Consultation with Data Collectors, Providers, and Users

Head of Liberia Extractive Industries Transparency Initiative (LEITI), Jeffrey N. Yates, recently addressed a consultation of data collectors, data providers, and data users in Monrovia. Yates expressed pride in Liberia’s progress in developing a draft beneficial ownership regulation, emphasizing the need to stay focused as the country completes the register.

" Since joining the Opening Extractive Program in 2021, Liberia has made substantial progress. We’re here today to workshop our draft regulation with data users, collectors, and providers. Once finalized through this process, it will be published through the Ministry of Foreign Affairs of the Republic of Liberia. " -Jeffrey N. Yates, Head of Liberia Extractive Industries Transparency Initiative (LEITI)

The Importance of Combating Financial Crimes

The relevance of Liberia’s efforts became clearer as Yates presented statistics from a United Nations Conference on Trade and Development (UNCTAD) report. Developing countries are estimated to lose 1.26 trillion dollars yearly through corruption, bribery, theft, illicit financial flow, and tax evasion. Yates encouraged participants to combat these issues, proposing the potential impact on eliminating poverty.

" Imagine the difference this amount could make to addressing poverty in Africa. " -Jeffrey N. Yates, Head of Liberia Extractive Industries Transparency Initiative (LEITI)

Technical Consultant’s Perspective

Emma Howard, a technical consultant to the Opening Extractive Program from Open Data, commended Liberia’s progress compared to other countries implementing beneficial ownership regimes. She praised Liberians for their unity and commitment to this process.

" Liberia is making great strides compared to other countries implementing beneficial ownership regimes. " -Emma Howard, Technical Consultant to the Opening Extractive Program from Open Data

Stakeholder Engagement and Participation

The consultation drew an eclectic mix of participants, including media, civil society actors, companies, and government agencies. Discussions were facilitated by Favour Ime, Open Ownership’s Manager for Africa and the Middle East.

Joining the Opening Extractive Program

Liberia officially joined the Opening Extractive Program in 2021, with a commitment from the Liberian government to allocate resources and lead the implementation of the five-year program to create a complete beneficial ownership regime. A national steering committee was established, comprising the Liberia Extractive Industries Transparency Initiative (LEITI), the Liberia Revenue Authority (LRA), the Financial Intelligent Agency (FIA), the Ministry of Commerce and Industry, the Liberia Petroleum Regulatory Authority, and the Liberia Business Registry (LBR).

Successes to Date

Since then, Liberia has progressed from drafting a scoping study to raising public awareness, engaging stakeholders, creating a draft regulation, and designingforms for finalization. The anticipated publication of the regulation in late March 2023 marks the next phase in establishing a complete beneficial ownership register for Liberia.

" We have a long way to go, but with the continued support of our international partners, stakeholders, and dedication from the Liberian government, we can create a more transparent and accountable system within our extractive industries. " -Jeffrey N. Yates, Head of Liberia Extractive Industries Transparency Initiative (LEITI)

Markdown Formatting

  • Title: Liberia Tackles Financial Crimes: Building a Beneficial Ownership Register in Liberia Amidst Global Losses
  • Subheading: Speaking at a recent consultation, stakeholders discussed the urgency of combatting financial crimes and Liberia’s progress in establishing a beneficial ownership register.
    • Jeffrey N. Yates, Head of LEITI, praised Liberia’s progress and emphasized the importance of maintaining focus.
    • UNCTAD report presented statistics on annual losses to corruption and illicit financial flows.
  • Subheading: Technical Consultant’s Perspective
    • Emma Howard highlighted Liberia’s progress in implementing beneficial ownership regimes.
  • Subheading: Stakeholder Engagement and Participation
    • Media, civil society actors, companies, and government agencies joined the consultation.
  • Subheading: Joining the Opening Extractive Program
    • Liberia officially joined the Opening Extractive Program in 2021.
    • A national steering committee was established to lead the implementation of the program.
  • Subheading: Liberia’s Progress Towards a Beneficial Ownership Register
    • Discussed the steps Liberia has taken towards a complete beneficial ownership regime.
    • The anticipated publication of the regulation in late March 2023 marks the next phase in register creation.
  • Subheading: Markdown Format for Article
    • Title
    • Subheading 1
      • Point 1
      • Point 2
    • Subheading 2
      • Point 1
      • Point 2
    • …
    • Subheading N
      • Point 1
      • Point 2
    • Footer (Optional)