U.K. passes tough new transparency
law for oil, gas and mining companies

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A historic new law came into effect in the U.K. that will help reduce poverty and corruption in resource-rich but poor countries. 

As of January 1, 2015, the new rules compel U.K. oil, gas, mining and logging companies to publish details of the payments they make to governments across the world for access to natural resources. This move will help make hundreds of billions of pounds worth of taxes, royalties and license fees available to public scrutiny. Currently, such payments are largely made in secret, leaving vast amounts of public money vulnerable to corruption. With 887 million people living on less than $1.25 a day in resource-dependent countries, the U.K. rules have the potential to help large numbers of people escape poverty.

“This is a game changer for citizens in some of the world’s poorest countries,” said Global Witness Director Simon Taylor. “We applaud the U.K. government for bringing these deals out into the open, and we urge other countries to follow suit.” Global Witness has been campaigning for such measures for over 16 years.

Companies are required to publicly disclose payments for every project they operate in all countries with no exception. Firms that fail to report fully, truthfully and accurately could face criminal prosecution. The law’s passage puts the U.K. at the forefront of a global movement for greater transparency in the extractive industries, and sends a strong signal to regulators in Canada and the United States who are developing similar mandatory rules.
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Reported by Global Witness
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Posted May 2015
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