UK mining, gas and oil companies to report any payments made overseas
UK mining, gas and oil companies will have to report any payments they make to governments in all the countries they operate in under new legislation.
The government's rule will bring more transparency to the market and makes the UK "the first EU country to introduce reporting requirements on extractive companies," the statement said.
Around 250 companies will be required to report on payments made from January next year, depending on whether the company has made any payments during the reporting period or if those payments were over €100,000.
Bunisses Minister Jo Swinson said: "Oil, gas and mining can, if well managed, deliver precious economic benefits to the populations of developing countries. Too often, though, the assets from resource-rich countries are not benefiting local people or the local economy.
"The UK is determined to lead by example which is why we have introduced reporting requirements on UK-based extractive companies early.
"These changes will result in greater transparency, helping build a stronger economy and ensuring people around the world have the information they need to hold their governments to account."
Robert Wine from BP said on Friday that the supplier backs transparency "through workable solutions and effective disclosure rules."
"However, transparency of industry payments to government is only one part of promoting good governance, and should be viewed primarily as a means to ensure sound revenue management and consequent poverty reduction," he said.
JF