UK Unveils Draft Rule on Extractive Industry Disclosure

Transmis par Hugo Castelli

Chers amis/Chères amies

Cette information, toute en anglais, explique la nouvelle proposition de loi au Royaume Uni sur la transparence dans les paiements aux gouvernements par les entreprises industrielles en accord avec la loi européenne.

Tous les pays membres de la UE ont l'obligation de préparer des lois semblables.

Compañer@s,

Esta información, totalmente en inglés, explica la nueva propuesta de ley del gobierno inglés sobre la transparencia en los pagos a los gobiernos por las empresas industriales, de acuerdo con la ley europea.

Todos los países miembros de la UE tienen la obligación de preparar leyes parecidas

Dear Colleagues

See complete text in English about the new UK draft law for transparency in payments to governmemts in the third world.

All EU member countries have the obligation in drafting similar legislation.

Ciao, Hugo Castelli Eyre

UK Unveils Draft Rule on Extractive Industry Disclosure

·          

Wall Street Journal

The U.K. unveiled draft rules on Thursday governing how oil, gas, mining and logging companies would disclose the payments they make to foreign governments for access to natural resources across the globe.

Under the draft regulations, as of Jan. 1, 2015, companies would have to report payments they make to governments, such as for taxes, royalties, permits, bonuses and the like. Those payments can be used to hide bribes and other illicit deal-making, activists and observers say.

Companies, under the rule, would be required to disclose the government, from the federal level down to the local level, to which they paid, as well as the amount paid — by company and by project. And they can’t structure the payments to avoid having to disclose them.

Firms that fail to accurately disclose their payments, the draft rule says, will face criminal penalties.

The U.K. said it will introduce the regulations to parliament later this year, and they would be implemented upon enactment. Prior to drafting the regulations, the U.K. held a nearly two-month consultation period in which it received 31 responses, including eight letters of support for the response from activist group Publish What You Pay UK.

The regulations were issued following a European Union directive passed in June 2013requiring EU member states, by 2015, to pass laws mandating the disclosure. The EU directive echoes, and goes further than, similar legislation passed as part of the Dodd-Frank Act in the U.S.and initially implemented in August 2012 by the Securities and Exchange Commission. But after a court ruling in a lawsuit filed by business groupsvacated the agency’s regulations, the SEC said it would begin rewriting them in March 2015.

Activists, who have been calling for stronger rules in the area, welcomed the U.K. draft regulations. Simon Taylor, director of Global Witness, said in a statement the disclosures “will deter companies from making illicit payments” and empower people in resource-rich countries to hold their government accountable.

Jana Morgan, the national coordinator for the U.S. chapter of Publish What You Pay, said in a statement the U.K. “is showing leadership” by proposing its rule, which she called “strong,” well ahead of the EU-mandated deadline. “This will help shine sunlight on financial flows in the extractives sector that have for too long been shrouded in secrecy,” said Ms. Morgan.

Barnaby Pace

Oil Campaign

Global Witness

Telephone: +44(0)20 7492 5823

Mob: +44(0) 7525 592 738

www.globalwitness.org

We find the facts. We uncover the story. We change the system.

Global Witness

Global Witness

http://new.globalwitness.org/

Comments

[maids in dubai]

All of us at DIALAMAID providers provide Home Cleaning Providers In Dubai being an easy as well as hassle-free option specifically for working partners, who think it is hard in order to squeeze away time with regard to tedious cleansing chores. Our services focus on the requirements of both apartment as well as villa dwellers throughout Dubai. We're offering comprehensive debris as well as dust elimination service-which consists of dusting, heavy cleaning, vapor cleaning, cleaning, floor cleaning, and scrubbing up every in . and corner of the home.

[dune bashing dubai]

You can book a private safari with your family or choose to go with other candidates. When you are choosing you Dubai desert safari professional, make sure you merely choose the golf pros and the companies which have been in ebay from a long time. Desert Safari is a premium attraction for visitors who visit Dubai and is rated as the top trip in Dubai.

[painters in Dubai]

You will need to communicate with all the people which complete the particular painting of one's home's external. It is not any secret in which communication can be a major section of any connection, so it really is beneficial to totally discuss the particular terms with the painting venture before hiring you to definitely get it done.

[maids in dubai]

The particular cleaning industry is probably the easiest to find yourself in; as an outcome additionally it is a extremely competitive industry. So, in this all competition how will you, the buyer, make that most important selection of selecting the most appropriate one? Unfortunately learning from your errors is not an option the following, having unknown people in your home will be unsettling adequate, having strangers experiencing every area and managing your belongings at home.

[north bama real estate]

Visit a position being an information technologies consultant or are an impartial consultant. Consultants using the educational history and skills get the chance to work with an set up company or even work individually.