Financial Transparency Coalition

WASHINGTON – India's announcement that it had ratified the United Nations Convention Against Corruption (UNCAC) has been welcomed as a "significant step".

WASHINGTON – The Task Force on Financial Integrity and Economic Development (Task Force) has welcomed India's announcement that it has ratified the United Nations Convention Against Corruption (UNCAC).

WASHINGTON, DC – The Task Force on Financial Integrity and Economic Development (Task Force) welcomed India’s announcement Thursday that it had ratified the United Nations Convention Against Corruption (UNCAC). Building upon India becoming a member of the Task Force in January of this year, the ratification comes as part of a broader effort by India’s government to tackle corruption and stem the flow of illicit capital flight estimated at approximately $19 billion per year.

The Hong Kong Stock Exchange’s listing agreement says:

In addition to the information set out in Appendix 1A, a Mineral Company must include in its listing document……if relevant and material to the Mineral Company’s business operations, information on the following:— (c) compliance with host country laws, regulations and permits, and payments made to host country governments in respect of tax, royalties and other significant payments on a country by country basis;

Note the reference to country-by-country reporting. I stress, the data referred to here is on past performance. There is a separate requiremnt that these payments also be projected.