Financial Transparency Coalition

Frank Vogl, one of the founders of Transparency International, wrote an op-ed in the Financial Times today. He is optimistic that the rise of information technology will lead to more assertive judicial systems and more accountable government.

WASHINGTON, DC – More than two years after the enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act, the U.S. Securities and Exchange Commission (SEC) today voted to adopt implementing rules for Section 1504 of the legislation, which requires companies operating in the oil, gas, and mining sectors to publicly report on the payments they make to foreign governments. The release of the rules enables Section 1504 to finally take effect, and the effected companies will shortly need to begin reporting as required by law.

WASHINGTON, DC – More than two years after the enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act, the U.S. Securities and Exchange Commission (SEC) is scheduled to vote tomorrow morning, August 22, 2012, on implementing regulations for Section 1504 of the bill, which requires companies operating in the oil, gas, and mining sectors to publicly report on the payments they make to foreign governments on a project-by-project basis. The release of the regulations will enable Section 1504 to take effect, and the effected companies will shortly need to begin reporting as required by law.

Nigeria is an intriguing oxymoron. Though the country is blessed with abundant oil and other natural resources, its own mismanagement and corruption has prevented it from fully reaping the benefits of these resources. The country is one of the world’s largest producers of oil, yet this has not had a significant impact on the welfare and standard of living of its citizens, the majority of whom live below the national poverty line. Nigeria has struggled with managing its vast supply of oil, which has resulted in the loss of billions of dollars from its economy. More recently, massive corrupt...