The Liberian International Ship & Corporate Registry (LISCR
) has welcomed action by the Government of Liberia to seek IMF auditing of funds from the Liberian registry.
Yoram Cohen, CEO of LISCR, says, "Last week the Government of Liberia formally asked for IMF assistance to audit and ring fence revenues from the ship registry. We applaud that, and believe it will reassure shipowners that they can continue to enjoy all the benefits of using the Liberian flag."
The Government of Liberia has approached the IMF because of its experience of working with government finances, and because its independence and status will guarantee that the funds from the registry are seen to be spent in accordance with budgeted domestic policies. Cohen says, "The Liberian Registry has always been structured so that it is run by a U.S. company independent of daily Liberian politics
. The United Nations has made it quite clear that it approves that model, and it supports the professionalism of LISCR. It has also made it clear that shipowners should not be encouraged to leave the flag. Bringing the IMF in to monitor the use of the registry revenues extends the transparency which the existing
structure provides right through to the final benefits the revenues from the registry bring to both Liberia and the international shipping community."