The Liberian cabinet has approved a national work plan for the implementation and enforcement of the Beneficial Ownership (BO) Registry. The decision was made during a cabinet meeting convened by President Joseph Nyuma Boakai Sr., with discussions focused on economic strengthening, fiscal reforms, and governance priorities.
This approval meets a key requirement under the International Monetary Fund’s Extended Credit Facility program, which stipulates that Liberia must have an approved BO Registry work plan to remain in compliance with its commitments.
The work plan outlines steps for effective implementation of the registry. The goal is to identify and publicly disclose individuals who ultimately own or control companies and other legal entities operating in Liberia.
In August 2023, Liberia introduced regulations mandating all domestic companies to report detailed information about their beneficial owners. This includes names, addresses, and ownership stakes. Following these changes, the government launched a preliminary version of the Beneficial Ownership Register in collaboration with the Liberia Business Registry and private sector stakeholders to test and refine the system.
The registry forms part of Liberia’s anti-corruption strategy and is intended to align with international standards. Authorities expect it will enhance investor confidence and public trust in government institutions.
The next phase will involve technical upgrades, training for stakeholders, and monitoring compliance to ensure widespread adoption and data accuracy. Public access to the registry aims to provide important information for regulators, civil society organizations, journalists, and citizens as part of broader transparency efforts.