Financial Transparency Coalition

he World Bank is a leading heavyweight in development investment, presiding over US$30 – $40 billion per year. Inaugurated last summer, the Green Climate Fund could soon dwarf that portfolio. It is estimated that by 2020 it will be channeling US$100 billion a year in climate finance to developing countries – to help arrest the advance of climate change whilst adjusting to its effects.

BRUSSELS - Transparency International EU warmly welcomes the agreement secured today on new rules for the EU extractive sector that requires oil, gas, mining and logging companies to disclose what they pay to governments around the world. The deal reached by negotiators from the European Parliament and the Irish EU Presidency means that companies will have to disclose details of tax, bonus and other payments made for every project they operate, over a threshold of €100,000. The rules apply to all listed and large unlisted companies registered in the EU without exemption.

WASHINGTON, DC – Global Financial Integrity (GFI) praised European Union leaders today for their commitment to requiring banks to disclose profits-made, taxes-paid, subsidiaries, and staff levels on a country-by-country basis, and the Washington, DC-based research and advocacy organization called upon the United States to follow Europe’s lead and adopt similar rules.

LONDON - Norwegian state-owned oil company Statoil has formally distanced itself from a U.S. oil industry lawsuit that seeks to scrap a landmark transparency and anti-corruption law established in the United States.