Campaigners hail 'game-changing' EU deal on oil and mining corruption
MEPs and ministers have agreed groundbreaking rules requiring oil and mineral companies to report payments made to third world governments.
The new rules agreed on April 9th will require extractive firms to declare all payments to governments over €100,000 on a country-by-country basis. The payments, which will cover a broad range of payments in kind, would have to be published for each individual project.
MEPs also forced member states to scrap reporting exemptions in countries if disclosure would breach local law.
“The agreement will bring in a new era of transparency to an industry which is far too often shrouded in secrecy and help fight tax evasion and corruption," said EU internal market commissioner Michel Barnier.
Bono, the singer and co-founder of poverty campaign group One, said: "Europe’s leaders have stepped up and delivered a gamechanging breakthrough tonight. Transparency is one of the best vaccines against corruption, and now citizens the world over will know what their country's resources are really worth."
The agreement will also cut red tape for small and medium-sized enterprises (SMEs) by simplifying accounting rules.
The deal goes beyond disclosure rules adopted by the US last year adopted by including the logging industry along with mining and petroleum operation.
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