By Christian Appleton
In a major move to boost transparency and combat corruption, the Liberian Cabinet has officially approved a national work plan for the implementation of a Beneficial Ownership (BO) Registry. This decision, made during a meeting presided over by President Joseph Nyuma Boakai, Sr., is a critical step toward fulfilling a key benchmark under the International Monetary Fund’s (IMF) Extended Credit Facility program.
The newly approved plan creates a strategic roadmap for identifying and publicly disclosing the individuals who ultimately own or control companies and other legal entities in Liberia.
A senior government official stated, “This marks a significant milestone in Liberia’s anti-corruption and economic reform agenda.” They added that the BO Registry will provide greater transparency, deter illicit financial activities, and help build trust in public institutions.
Liberia first introduced beneficial ownership regulations in August 2023, requiring all domestic companies to report detailed information about their beneficial owners. Since then, the government has launched a pilot version of the registry in collaboration with the Liberia Business Registry and key private sector stakeholders.
The implementation phase will include technical system upgrades, stakeholder training, and robust compliance monitoring to ensure accurate reporting and widespread adoption. The public will have access to the registry, allowing for independent scrutiny by regulators, journalists, and civil society.
Analysts believe this move will enhance investor confidence and strengthen Liberia’s position in the global fight against money laundering and illicit finance.
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