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Sierra Leone News: At SLEITI’s beneficial ownership workshop …“There is need for the review of SLEITI’s legislature”- ACC Deputy Boss

healthAt the Sierra Leone extractive industry transparency initiative (SLEITI) workshop on beneficial ownership and report on self assessment, the Deputy Commissioner of the Anti Corruption Commission (ACC), Shollay Davies said there was need for the review of SLEITI’s legislature.
The purpose of the workshop was for stake holders to get better understanding about people who do business in the country since that brings a lot of benefit to the government and the people of Sierra Leone as this will help them hold the right people accountable.
According to EITI Country Manager, Pablo Valverde, the subject of beneficial ownership was one of the problems that everyone was struggling with. He stated that, in the country, one of the key challenges that they had was making sure that the Sierra Leonean society was aware of what going on.
The ACC Deputy Commissioner said the workshop was timely to ensure that they promote transparency and accountability in the extractive sector since that was the commission’s role.
He added that through the beneficial ownership disclosure, “we can follow up issues around taxation, transfer pricing, issues around illicit financial flaws… that is the area we want to follow through to ensure that as a country, we do not lose out when companies come around and yet they do not fully disclose their ownership in terms of those who benefit out of the proceed.”
He went on to say as a commission, they follow up what is in the law noting that they legislate to ensure that companies comply to those regulations.
Davies also said that the SLEITI legislature should be reviewed to make sure that corporate institutions who operate in the extractive sector are made to disclose their official beneficial owners.
By Edna Smalle
Tuesday November 08, 2016

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