Canada Announces New Initiative for Disclosure of Payments to Governments

more+
less-

On June 12, 2013, Canadian Prime Minister Stephen Harper announced the introduction of a new transparency initiative in Canada that will require Canadian companies in the extractive industries, including mining, oil and gas, to disclose their payments made to domestic and foreign governments.

This Canadian initiative follows similar measures being adopted in the European Union and the United States, both of whom are already implementing mandatory payment reporting requirements for their mining, oil, and gas companies.

This initiative goes hand-in-hand with Canada’s increased enforcement of its anti-corruption legislation, including the Corruption of Foreign Public Officials Act (CFPOA). In the past two years, there have been two significant convictions under the CFPOA resulting in penalties in the $10 million range for each company.

LOADING PDF: If there are any problems, click here to download the file.