Financial Transparency Coalition

The European Commission released a proposal for country-by-country reporting on 25 October, this will help to address corruption surrounding extractive industries and logging. However this will not address the larger problem of tax dodging which is prevalent in these industries and widespread in all other sectors. European parliamentarians and member states could improve the proposal so that tax issues in all sectors are covered.

BRUSSELS - Today’s EU proposals are a welcome development in the fight against corruption in resource rich countries, but there is the potential to do much more.

The FACT Coalition released a document detailing their legislative asks yesterday. The document does a great job of detailing important ways to keep the financial system accountable, both in a domestic and international sense. The entire document can be downloaded below the 'read more' or at the 'PDF' link in the post title.

Eurodad's Alex Marriage Details How a Robust Country-by-Country Reporting Standard Should Look The European Commission will make a proposal for introducing country-by-country reporting (CBC) for extractives industries and possibly forestry companies at some point this autumn. This comes following an EU Council request earlier in 2011 that called upon

“the Commission to come forward with initiatives on the disclosure of financial information by companies working in the extractive industry, including the possible adoption of a country-by-country reporting requirement, International Financial Reporting Standards (IFRS) for the extractive industry, and the monitoring of third-country legislation.”

This will then be submitted to...