Financial Transparency Coalition

Today was a very big day for advocates of financial transparency. The Securities and Exchange Commission (SEC) voted to approve the final rules for Dodd-Frank Section 1504, which was passed over two years ago. The rules will immediately go into effect. 1504 requires oil, gas, and mining companies to publish all payments they make to governments.

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) today voted to adopt implementing rules for Section 1504 of the legislation, which requires companies operating in the oil, gas, and mining sectors to publicly report on the payments they make to foreign governments. The release of the rules enables Section 1504 to finally take effect, and the effected companies will shortly need to begin reporting as required by law.

Nigeria is an intriguing oxymoron. Though the country is blessed with abundant oil and other natural resources, its own mismanagement and corruption has prevented it from fully reaping the benefits of these resources. The country is one of the world’s largest producers of oil, yet this has not had a significant impact on the welfare and standard of living of its citizens, the majority of whom live below the national poverty line. Nigeria has struggled with managing its vast supply of oil, which has resulted in the loss of billions of dollars from its economy. More recently, massive corrupt...

LONDON - Today’s verdict by the Special Court for Sierra Leone that Charles Taylor is guilty of 11 counts of war crimes and crimes against humanity delivers justice for the people of Sierra Leone and marks a momentous step in international efforts to end impunity. It also highlights the crucial role natural resources played in fuelling the country’s conflict, said Global Witness today.