Financial Transparency Coalition

For some time, we’ve been exploring new ways to talk about the need for transparency in the extractive sector. Communications in this field isn’t always the most obvious thing. It can be tricky to present a complex – and sometimes dry – subject in an engaging and accessible manner. Behind the jargon and the polysyllabic words lies a genuine – and exciting – fight for justice. How do we express the scale of what is at stake?

This thought-provoking documentary from Exposure looks at the British Bribery Act and overseas bribery by British companies. In particular, it focuses on extractive industry companies in Nigeria. The documentary quotes Task Force member Global Witness's Simon Taylor, and highlights the push for a Dodd-Frank 1504-style transparency law for European companies.

LONDON – Bloomberg and Reuters news agencies have reported that the International Monetary Fund has halted its loan programme with the Democratic Republic of Congo because of concerns over transparency in the country's mining sector. While Congo is clearly in desperate need of funds, Global Witness believes that concerns over possible corruption in the country's mining sector were so serious that the IMF was justified in stopping its lending.

We often approach transparency laws from an anti-corruption, anti-tax evasion perspective here on the Task Force blog. But recent transparency regulations, like the recent oil, gas, and mining rules made active this month by the Securities and Exchange Commission, are also good for business. They will provide investors, creditors, and other financial actors with clear, verifiable, easily accessible data in which to make decisions. This will make markets more efficient, leading to better economic outcomes for all.