The fight against corruption: Naming and shaming
October 26th, 2010
It is a long march, but progress is being made against corruption
The Economist
CONGRESSMEN working late into the summer nights to overhaul America’s system of financial regulation were surprised when Bono started lobbying them. Yet the rocker-cum-campaigner helped to insert a far-reaching change into the legislation they were drafting. It has nothing directly to do with America’s financial mess, but it will push forward the fight against corruption in the developing world, a cause which has made some much-needed progress recently.
The bipartisan amendment to the Dodd-Frank act requires every oil, gas and mining firm listed on an American stock exchange to disclose in detail all the payments it makes to governments. It is the biggest success yet for the “publish what you pay” campaign, a global coalition of anti-corruption groups. It aims to reduce corruption by increasing transparency. The idea is that politicians and officials will think twice about filling their pockets with money from foreign firms if the public knows of the existence of such payments.