LONDON’S Green Euro-MP Jean Lambert has welcomed new EU rules designed to stamp out corruption by the oil and mining industries.
The new rules will require any EU-based oil or mining firm to declare payments over £80,000 made to governments in the developing world – even if local law prohibits such disclosure.
Ms Lambert said: “This deal will bring in some much-needed transparency to the extractive industries, which for too long have used the cover of ‘commercial sensitivity’ to hide bribes, tax evasion, workers’ rights abuses and other forms of corruption.
“But we Greens would like to see the rules go much further: covering all industries, including agriculture, and with a lower ‘reporting threshold’.”
It is estimated that annual oil and mineral exports from Africa are worth seven times the value of international aid to the continent.