Financial Transparency Coalition

BRUSSELS - Today the European Commission, the European Parliament and the Council of the EU agreed a compromise text on transparency of extractive industries. The text will be adopted by the Parliament and the Council in the coming months.

BRUSSELS - Transparency International EU warmly welcomes the agreement secured today on new rules for the EU extractive sector that requires oil, gas, mining and logging companies to disclose what they pay to governments around the world. The deal reached by negotiators from the European Parliament and the Irish EU Presidency means that companies will have to disclose details of tax, bonus and other payments made for every project they operate, over a threshold of €100,000. The rules apply to all listed and large unlisted companies registered in the EU without exemption.

LONDON - The massive cache of leaked documents demonstrates how hidden ownership of shell companies facilitates corruption, tax dodging and other crimes. Mr. Cameron has made a welcome promise to make tax and financial transparency priority issues at the meeting of G8 leaders in Northern Ireland this June.

New Delhi - The Task Force on Financial Integrity and Economic Development (Task Force), in partnership with the Centre for Budget and Governance Accountability, hosted its first Asia regional conference, Financial Transparency: Challenges and Opportunities for Developing Countries, at the India Habitat Centre today.