Financial Transparency Coalition

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.

Hopes of democratic improvements and economic stability in Burma are being threatened by American oil companies who are quickly rushing in to capitalize on Burma's newly-open market. With the agreement of Thein Sein, the president of Burma, the U.S. has recently guided Burma towards a more open society in hopes of leading to sustainable economic and governmental structures -- all foreign components to the unstable Burmese nation. Burma also happens to be resource rich. This has brought about the inevitable swarm of U.S. resource companies to Burma’s doorstep, all hoping to stake their claim on the reserves. ...

After nearly two years of postponement, Congress has called for the Securities and Exchange Commission (SEC) to immediately enact the transparency rules of the July 2010 Dodd-Frank Act. These provisions include Section 1504, which requires energy companies to publish transactions to governments; thus, the threat of illicit flows from extractive industries will be minimized.

LONDON - Global Witness is today calling on Glencore to explain potentially corrupt deals in the Democratic Republic of Congo, and is calling on the company to provide more details about its relationship with an Israeli businessman who is key to its substantial mining investments in the country. The concerns, detailed in a briefing for Glencore’s shareholders, are being published on the day of the company’s first AGM as a publicly listed company.