Will Dodd-Frank Help Fight Corruption In Oil, Gas, Minerals Industries?

What's Next In Payments®
3:48 PM EDT August 27th, 2012

Resource extraction companies headline the latest industry facing new regulatory requirements per the recent ruling in favor of Section 1504 of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

Oil, gas and mining companies listed on the New York Stock Exchange now must publish payments they make to governments they do business with in regards to the acquisition of their respective resources.

The regulatory law states that any transactions related to the commercial development, exploration, extraction, processing and export of the natural resources cited must be reported.

Information such as the total amount of payments made for each project, the currency used to make payments, and the financial period in which the payments are made must be included in company reports, according to Transparency International. The organization also notes that many countries with abundant natural resources are “home to some of the world’s poorest communities,” and suggests Section 1504 could help fight corruption in such areas.

Read the full story here.

Comments
Also by This Author
What's Hot
Merchant Innovation
Home Depot’s eCommerce Renovation Project
Company Spotlight
Australia-based Pinpoint To Be Purchased By MasterCard
News
AmEx Posts Higher Profits As Spending Ticks Up In Q1 2014
Mobile Commerce
Yapital Improves Online Checkout Concept with SellXed
View All Articles ››
You May Also Like
Company Spotlight
Different mPOS Strokes for Different mPOS Folks
International
Digital River Offers A Sneak Peak At Mobile eCommerce Trends
Mobile Commerce
Trustwave Buys Cenzic To Beef Up App Testing Capability
B2B Payments
Moving Money Cross Border via an API?
B2B Payments
The SMB Lending Outlook
Merchant Innovation
Home Depot’s eCommerce Renovation Project
Company Spotlight
Australia-based Pinpoint To Be Purchased By MasterCard
View All Articles ››