29 September 2023: Liberia takes an important step towards transparency of corporate ownership with the launch of its new beneficial owner registry. The register aims to increase accountability in the country’s corporate sector, strengthen domestic resource mobilisation and reduce the risk of money laundering, corruption and other financial or environmental crimes.
The Registry will be launched today, 29 September 2023, with a demonstration at the Boulevard Palace Hotel on Tubman Boulevard, Monrovia. Testing will continue throughout October, with businesses and the Liberian Business Registry helping to ensure that the platform is easy to use and that business compliance is maximised. The full register will be available on 1 December 2023, when companies will be able to start making beneficial ownership declarations.
In August 2023, Liberia passed new beneficial ownership regulations that require companies to disclose information about their beneficial or ultimate owners in a new central registry, including names, addresses and shareholdings. A subset of this information will be made available to the public online, allowing citizens to hold companies accountable and ensure that the benefits of the country’s private sector are shared fairly.
Gilbert Makore, EITI Regional Director for Anglophone and Lusophone Africa, underlined the importance of this new development: “Hidden ownership can create risks for responsible companies by obscuring the identity of the ultimate beneficial owners of the companies they do business with. This new registry will help the Liberian government address the risks of corruption and create a transparent business environment”.
The development of the register has been generously supported by the Stolen Asset Recovery (StAR) Initiative. Sol Krause, Financial Sector Specialist at StAR, said: “Requiring companies to report their true owners or controllers, and ensuring that this information is verified and audited, is a crucial step in the fight against transnational money laundering and corruption. We welcome the significant progress made by Liberia in adopting stringent regulations and creating a beneficial ownership registry. We are pleased to be partners in this process”.
The development of the register builds on more than 15 years of reform. Liberia has been a member of the Extractive Industries Transparency Initiative (EITI) since 2008, demonstrating its commitment to improving the governance of natural resources. As part of its Open Government Partnership 2020-2022 National Action Plan, Liberia has committed to creating an open, public and machine-readable register of beneficial ownership. And in 2021, it joined the Opening Extractives programme, jointly implemented by EITI and Open Ownership. The two organisations are proud to support Liberia on its journey towards establishing a legal framework and a system for collecting, storing and sharing beneficial ownership data. It demonstrates that complex reforms are possible with the commitment of local stakeholders and the support of international partners.
Thom Townsend, Executive Director of Open Ownership, said: “Liberia is delivering on its commitment to end anonymous corporate ownership. We are delighted to have helped the Liberian Registrar of Companies achieve its goal of creating and launching its online register of beneficial owners.”
The new beneficial ownership registry is part of Liberia’s work to promote transparency and accountability, and to ensure that the benefits of its industries are shared equitably among all citizens. It is also part of the country’s broader efforts to leverage digital technology to automate, streamline and improve the efficiency of the delivery of key government services to businesses, including business registration. The launch of the register marks a pivotal moment, signalling the country’s commitment to good governance and responsible business practices as it seeks to attract and strengthen private sector investment. With more than 100 countries around the world also committed to implementing beneficial ownership reforms, Liberia’s registry sets an example for other countries seeking to address opaque corporate ownership structures.
For further information, please contact :
Nyasha Vera, Communications Officer, EITI, on NVera@eiti.org
Kathryn Davies, Head of Communications, Open Ownership, on Kathryn@openownership.org
