Canada Joins the Global Push towards Mandating Disclosure of Payments to Governments

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Background

On June 12, 2013, the Canadian government announced its intention to introduce new legislation requiring the disclosure of payments made by Canadian extractive resource companies to domestic and foreign governments. While the United States and European Union have both already taken steps towards implementing mandatory payment reporting requirements for their mining, oil, and gas companies, Canada has now also joined the global movement towards transparency in this regard. In addition to leveling the playing field for extractive resource companies, this initiative is aimed at aligning Canadian policy with the standards of other G-8 countries and reducing corruption within the extractive resource industry. This initiative seems to be consistent 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 range of $10 million for each company.

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