Oxfam's regular monitoring processes have found financial irregularities in an Oxfam program for flood relief in Sindh, Pakistan. Oxfam takes transparency and accountability extremely seriously. As a result, an independent, external financial audit is currently taking place.
Oxfam welcomed commitments by France, Germany and the UK to make it mandatory for oil, gas and mining companies to publish data regarding their payments in resource-rich countries.
Oxfam America commends the US Congress for making disclosure of payments from oil and mining companies to governments around the world a legal requirement. This historic measure will increase financial transparency and help reduce corruption.
The deadline for the Extractive Industries Transparency Initiative arrives, but only two out of 22 countries have completed their validation.
Voluntary approaches to increasing transparent and accountable management of natural resources wealth are making sluggish progress. The Extractive Industry Transparency Initiative must put in place additional mandatory disclosure rules.