EU Votes to Make Deals Transparent

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European Union legislators voted on Tuesday in support of a draft anti-corruption law. Its rhetoric echoes U.S. regulations which make oil, gas and mining firms declare payments they make for commodities and other services in resource-rich nations, Reuters reported. The rules are designed to provide greater transparency and eliminate bribery in industries where it is common.

September 20, 2012

Detailed reporting to regulatory authorities would be required at both project-level and country-level, starting from a minimum threshold of €80,000. That mark is almost identical to the $100,000 US requirement and considerably lower than the $1 million level some resource firms said was practical.

The proposed law is not a carbon copy of the US version, however. The EU intends to include the forestry, banking, construction and telecommunication sectors on a less detailed level than the extractive industries.

Non-governmental organizations enthusiastically endorsed the vote, though the draft rules will only become law following further deliberation and approval by EU member states.

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