Objectives of beneficial ownership transparency in Sierra Leone
- Due diligence in licensing and preventing conflict of interest
- Preventing transfer mispricing
- Transparency in ownership of extractive assets and rights help by PEPs
- Prevent corruption and illicit financial flows to help maximise revenues from extractives
In 2017, SLEITI with support from Herbert Smith Freehills (HSF) conducted a report that would review the legal framework, and prepare recommendations for Beneficial Ownership Disclosure reform.
Progress on implementing beneficial ownership disclosure
Sierra Leone is collecting beneficial ownership information from the 20 largest extractive taxpayers. In addition, steps are being taken to support and improving the due diligence procedures employed by the National Minerals Agency and the Petroleum Directorate in order to make these government agencies better informed in their dealings with prospective commercial partners, and better equipped to lead to the systematic collection and recording of beneficial ownership data.
Sierra Leone EITI is holding a series of technical workshops to review current legal and institutional framework for beneficial ownership and build the capacity of relevant stakeholders for the implementation of beneficial ownership. Read Sierra Leone's beneficial ownership roadmap below for more information.