Monrovia — Key private sector institutions have joined the Liberia Business Registry (LBR) in finalizing the country's landmark Beneficial Ownership Transparency (BOT) Guidance Resource Documents, a major step toward enhancing corporate transparency and accountability in line with international standards.
The review exercise, themed "Review of BOT Guidance Resources with LBR and Businesses," brought together representatives from the private sector and legal community to review and finalize the BOT documents. The session featured a presentation by Madam Favor Ime, Open Ownership's Senior Regional Manager for Africa, who delivered the BOT guidance resource and regulation via Zoom.
Among the key participants were Mr. Samuel Na-Kronde Jlaka of the Liberia Business Association (LIBA); Cllr. Micheal Suah of Jones & Jones Law Firm; Mr. C. Potter of Heritage Partners & Associates; Madam Christiana W. Acolatse of Crowe Liberia; Madam Esther M. Subre of Pierre, Tweh & Associates, Inc.; and Mr. Morris A. D. Sambola, Manager of the Beneficial Ownership Declaration Office, along with the entire "BO" unit of the LBR.
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The Beneficial Ownership Transparency (BOT) framework is a critical Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) measure designed to expose the real individuals behind corporate entities. Developed by the National Steering Committee on BO in collaboration with private sector stakeholders, the regulation requires all registered legal entities--including corporations, limited liability companies (LLCs), partnerships, trusts, and foundations--to disclose their beneficial owners.
Under Liberia's BO regulations, a beneficial owner is any natural person who ultimately owns or controls at least 5% of a legal entity's shares, voting rights, or other controlling interests.
Speaking during the session, Hon. Patience B. Randall, Director General of the LBR, emphasized that the regulation mandates all entities to maintain accurate and up-to-date records of their beneficial owners. This data will be made available to competent authorities in Liberia and abroad to strengthen accountability and financial oversight.
Director Randall commended Open Ownership and other partners for their technical assistance in reaching the finalization stage. She announced that the BOT online portal will be launched early next year, with the guidance documents available on the websites of the LBR, Liberia Revenue Authority (LRA), and Liberia Extractive Industries Transparency Initiative (LEITI).
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According to her, the registry will be publicly accessible, allowing citizens to view ownership and control information of registered companies. The central database will also serve law enforcement and tax authorities in Liberia and internationally for investigations into financial crimes, corruption, and tax evasion.
"The finalized BOT Guidance Resources will make it easier to disclose the real individuals behind corporate structures and help tackle the misuse of legal entities for illicit activities such as money laundering, terrorist financing, and tax evasion," Randall stated.
This initiative, she added, aligns Liberia with global transparency standards set by the Financial Action Task Force (FATF) and reinforces the country's integrity as a responsible player in the international financial system.
Meanwhile, the Financial Intelligence Agency (FIA) will serve as the primary enforcement body and key user of the Beneficial Ownership Registry. While the LBR manages the data, the FIA will utilize it to cross-reference suspicious transaction reports, conduct financial investigations, and generate actionable intelligence to support law enforcement in dismantling illicit networks and activities.
