Monrovia – Key non-public sector establishments have joined the Liberia Enterprise Registry (LBR) in finalizing the nation’s landmark Useful Possession Transparency (BOT) Steering Useful resource Paperwork, a significant step towards enhancing company transparency and accountability in step with worldwide requirements.
The assessment train, themed “Overview of BOT Steering Assets with LBR and Companies,” introduced collectively representatives from the non-public sector and authorized group to assessment and finalize the BOT paperwork. The session featured a presentation by Madam Favor Ime, Open Possession’s Senior Regional Supervisor for Africa, who delivered the BOT steering useful resource and regulation by way of Zoom.
Among the many key members have been Mr. Samuel Na-Kronde Jlaka of the Liberia Enterprise Affiliation (LIBA); Cllr. Micheal Suah of Jones & Jones Regulation Agency; Mr. C. Potter of Heritage Companions & Associates; Madam Christiana W. Acolatse of Crowe Liberia; Madam Esther M. Subre of Pierre, Tweh & Associates, Inc.; and Mr. Morris A. D. Sambola, Supervisor of the Useful Possession Declaration Workplace, together with your entire “BO” unit of the LBR.
The Useful Possession Transparency (BOT) framework is a vital Anti-Cash Laundering and Countering the Financing of Terrorism (AML/CFT) measure designed to reveal the true people behind company entities. Developed by the Nationwide Steering Committee on BO in collaboration with non-public sector stakeholders, the regulation requires all registered authorized entities—together with firms, restricted legal responsibility corporations (LLCs), partnerships, trusts, and foundations—to reveal their helpful homeowners.
Beneath Liberia’s BO laws, a helpful proprietor is any pure one who finally owns or controls not less than 5% of a authorized entity’s shares, voting rights, or different controlling pursuits.
Talking throughout the session, Hon. Persistence B. Randall, Director Common of the LBR, emphasised that the regulation mandates all entities to keep up correct and up-to-date information of their helpful homeowners. This knowledge will probably be made accessible to competent authorities in Liberia and overseas to strengthen accountability and monetary oversight.
Director Randall counseled Open Possession and different companions for his or her technical help in reaching the finalization stage. She introduced that the BOT on-line portal will probably be launched early subsequent yr, with the steering paperwork accessible on the web sites of the LBR, Liberia Income Authority (LRA), and Liberia Extractive Industries Transparency Initiative (LEITI).
In line with her, the registry will probably be publicly accessible, permitting residents to view possession and management data of registered corporations. The central database will even serve legislation enforcement and tax authorities in Liberia and internationally for investigations into monetary crimes, corruption, and tax evasion.
“The finalized BOT Steering Assets will make it simpler to reveal the true people behind company constructions and assist sort out the misuse of authorized entities for illicit actions corresponding to cash laundering, terrorist financing, and tax evasion,” Randall said.
This initiative, she added, aligns Liberia with international transparency requirements set by the Monetary Motion Process Drive (FATF) and reinforces the nation’s integrity as a accountable participant within the worldwide monetary system.
In the meantime, the Monetary Intelligence Company (FIA) will function the first enforcement physique and key consumer of the Useful Possession Registry. Whereas the LBR manages the info, the FIA will put it to use to cross-reference suspicious transaction stories, conduct monetary investigations, and generate actionable intelligence to help legislation enforcement in dismantling illicit networks and actions.
