Cabinet Approves Workplan for Beneficial Ownership Registry

Monrovia, Liberia – The cabinet has approved the national work plan for the implementation and enforcement of the Beneficial Ownership (BO) Registry.

 

The approval was made on Wednesday during the Cabinet meeting called by his Excellency President Joseph Nyuma Boakai Sr. The meeting focused on strengthening the economy, advancing fiscal reforms and driving key governance priorities. 

 

The approval fulfills a key benchmark under the International Monetary Fund’s (IMF) Extended Credit Facility (ECF) program, which requires the cabinet’s approval of the BO Registry work plan.

 

The approved work plan sets a strategic roadmap for ensuring effective implementation of the registry, which will enable the identification and public disclosure of individuals who ultimately own or control companies and other legal entities operating in Liberia.

 

In August 2023, Liberia published new beneficial ownership regulations requiring all domestic companies to report detailed information about their beneficial or ultimate owners, including names, addresses, and ownership stakes. In alignment with these reforms, the government launched the preliminary version of the Beneficial Ownership Register, with active collaboration from the Liberia Business Registry and the private sector to test and refine the system.

 

The registry is part of Liberia’s broader anti-corruption strategy and aligns with international best practices, helping to enhance investor confidence and public trust in government institutions.

 

The implementation phase will include ongoing technical improvements, stakeholder training, and compliance monitoring to ensure wide adoption and data accuracy. 

 

Public access to the registry will provide critical information to regulators, civil society, journalists, and the general public, further advancing the country’s transparency goals.