Financial Transparency Coalition

LONDON - As the scandal grows around a Nigerian oil deal involving Shell and Italian firm Eni who made a US$1.1 billion payment that ended up in the accounts of a company controlled by a corrupt former Nigerian Oil Minister, the Dutch government is coming under increasing pressure to stop supporting opt-outs in new EU legislation that would enable companies such as Shell to avoid having to publicly report these payments in certain circumstances.

Say that your country is blessed with natural resources. Oil, gas, minerals – it has it all. The future looks good. But deep down you worry that the bonanza could turn into a bust – maybe you live in Africa and have seen how windfalls have been wasted before. How do you know that’s not going to happen now? Are there any tell-tale signs of sound management of “commodity wealth”?

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.

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.