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U.K. First in EU to Implement Tougher Transparency Rules for Extractives

Roberta Holland | January 7, 2015

The United Kingdom made good on its commitment to be on the forefront of new transparency rules for oil, mining and other extractive companies, with newly required annual reports of country by country payments entering into force at the start of 2015.

The reporting requirements, contained in the European Union’s Accounting Directive of 2013, were implemented ahead of the 20 July deadline for Member States. The U.K. government said that portion of the accounting directive was implemented first because of Prime Minister David Cameron’s 2013 pledge to implement early “in order to demonstrate the U.K.’s commitment to the global company transparency agenda.”

Under the new rule, companies involved in extractives sectors like oil and mining and the primary forest logging sector will have to report payments to governments on a country by country basis, preparing the disclosure annually and...

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