Monday, 19 July 2010
By Sebastian Strangio
The Phnom Penh Post
A SWEEPING financial reform bill passed by the United States Senate last week will force US-listed oil, gas and mining companies to publicly divulge payments made to secure access to resources in foreign countries including Cambodia.
The provisions, passed on Thursday as part of the 2,300-page Dodd-Frank Wall Street Reform and Consumer Protection Act, will require the companies to disclose the payments to the US securities and exchange commission by 2012.
Companies will be obliged to report to the SEC the “type and total amount of such payments made for each project”, as well as “the type and total amount of such payments made to each government”.
These include “taxes, royalties, fees (including licence fees), production entitlements, bonuses, and other material benefits” relating to extractive industry revenues.
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