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Investors warn of ‘bribery risk’ as America repeals resources industry corruption law
Author: Jon Yeomans, Telegraph (UK), Published on: 4 February 2017
The repeal of a US [regulation] designed to crack down on corruption in the resources sector is a blow to the fight against bribery, mining groups, investors and NGOs have warned... [The provision] was designed to boost transparency by showing how much money foreign governments receive from selling mineral rights. It is estimated that some $150bn in payments have been disclosed globally in the last two years. However, the oil lobby in the US had complained that it made companies less competitive...
BHP Billiton said it supported “the establishment of a globally consistent disclosure framework”.... Anglo American said: “As a multinational company we of course encourage the alignment of transparency requirements across jurisdictions.”... [The repeal] will make it harder for investors to understand the bribery risks of companies they invest in, said Lauren Compere, of Boston Common Asset Management. “It’s very short-sighted and destabilising,” she said.