Tagged: Extractive Industries Transparency Initiative
Sweeping measures to improve transparency and governance are urgently needed to end a scandal that has seen Africa lose an average of $1 billion every week for the past 30 years in illicit financial flows.
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.