Financial Transparency Coalition

Source: PWYP International The International Accounting Standards Board (IASB) took important steps today to improve reporting and disclosure by the oil, gas and mining industries. But extractive industry experts said the proposals have been weakened by pressure from companies and have yet to clearly recommend reporting of the full information that investors and citizens need. In its formal “Discussion Paper” for a new extractive activities standard, the world’s leading rule-setter for accounting explores several new reporting requirements for reserves, production and costs. The Discussion Paper, which represents an important step in the...

LONDON (Transparency International) -- As the Bribery Bill passed through parliament today and is now due to receive Royal Assent, Chandrashekhar Krishnan, Executive Director of Transparency International UK said: “We congratulate the Government for fulfilling its commitment to modernise UK bribery law in this Parliament and applaud the all-party consensus that has made this legislation possible. For twelve long years Transparency International UK has been calling for modern, effective anti-bribery legislation. The new Bribery Act is fit for purpose and will ensure the UK is compliant with the OECD Anti-Bribery Convention. It will also give UK law enforcement a sound...

Richard Murphy has a new twist on a paper he released last month. Assuming that the UK loses £70 billion a year to tax evasion and that the population of the UK is roughly 60 million, he finds that tax cheats cost British citizens £1,150 per year. You can read his blog here...

The UK Bribery Bill passed through the British Parliament today, the last day before Parliament disbands to focus on the upcoming election. From the Ministry of Justice:

The Constitutional Reform and Governance Bill and Bribery Bill have today received Royal Assent.

A range of measures are included in the Constitutional Reform and Governance Act.

The Bribery Act modernises the law on bribery, increases the penalty for such crimes and creates new offences of bribery of foreign public officials and failure by commercial...