Latest update January 23rd, 2025 7:40 AM
Govt. moves to create public register to expose all beneficial owners in oil & gas, mining sectors
Kaieteur News – According to Natural Resources Minister, Vickram Bharrat, the PPP/C Government has issued a request for expressions of interest to establish a beneficial ownership register. The politician made this disclosure during his opening remarks at Guyana’s Extractive Industry Transparency Week programme, which kicked off virtually on Monday and comes to an end on Friday. Bharrat was keen to note, that the establishment of the register would be in keeping with the Extractive Industries Transparency Initiative (EITI) Standard.
Minister of Natural Resources, Vickram Bharrat.Kaieteur News would have reported that the call for the release of information on beneficial ownership was made by EITI in October 2020. The international body had said it decided to crack down on this global problem since hidden identities in the extractive sectors only help to feed corruption and tax evasion. It also said that people who live in resource-rich countries are at particular risk of losing out when facing this problem, as extractive assets are too often misallocated for corrupt reasons.
The EITI had further noted that its standard requires public officials, also known as “Politically Exposed Persons” (PEPs), to be transparent about their ownership in oil, gas and mining companies. The international watchdog had said that this information, once provided by its members, will be publicly available and will be published in EITI Reports and/or public registries.
Once published, EITI had said, law enforcers, civil society and others have a responsibility to scrutinise the information, and take action to hold to account those who misuse anonymous companies. It should be noted that countries, which fail to honour the requirements of the international body, could face expulsion.
OTHER EFFORTS
Along with its efforts to increase transparency in the extractives sector via a beneficial ownership register, Bharrat also noted, that other steps are being made to ensure good governance and accountability are the hallmarks of the natural resources industry.
Expounding further, he reminded that in the 2021 budget, the Government revealed its commitment to pursue an active legislative agenda, one that will implement oversight measures to enhance transparency and accountability. Noteworthy, the Minister said, “We are in the process of procuring a legal firm to assist our legislative drafting efforts to overhaul our petroleum regulatory framework. The overhauling of our petroleum laws will incorporate mechanisms that will bolster our transparency and accountability initiatives.”
“Naturally, open and frank consultation with all the relevant stakeholders will only enrich the final legislative product,” he added.
Further to this, Bharrat reminded that the government made publicly available it’s first and second EITI Reports as it continues to support the work of the local EITI chapter through continued engagement with a view of overcoming existing challenges. He said, too, that draft terms of reference have already been prepared to procure an independent administrator for the preparation of the country’s third EITI report.
He shared as well, that government agencies whose functions touch and concern EITI areas, will in the short and medium term undergo capacity building and training for staff members so that they can better understand the disclosure requirements of the EITI. Also, those agencies are improving their technical capacity to better align data and information collection systems to satisfy EITI reporting processes, the Minister stated.
Currently, Bharrat said the Guyana Geology and Mines Commission (GGMC) has a cadastral system in place while adding, that it is being improved to mainstream government’s transparency efforts. He said too, that the Natural Resources Ministry is working along with the GGMC to gazette the names of all current petroleum prospecting and production licencees. Inevitably, this will be the disposition of the government with respect to all future petroleum licences granted offshore and onshore Guyana, the Minister concluded.
Similar Articles
THE BLUNT OF THE DAY
Sports
Features/Columnists
Poverty does not come with a lifetime warranty
Peeping Tom… Kaieteur News- When the national discussion segues to poverty reduction, it resurrects the age-old debate... more
OAS Secretary General Election and renewed OAS Consensus
Antiguan Barbudan Ambassador to the United States, Sir Ronald Sanders By Sir Ronald Sanders Kaieteur News- The upcoming election... more
Weekend Cartoon
