'Disappointing, Backwards Step': Critics Blast U.S. Exit From Global Oil, Gas Anti-Corruption Effor
Source: egoWatch.com
Lorraine Chow
46m
The Trump administration has withdrawn from the Extractive Industries Transparency Initiative (EITI), an international anti-corruption initiative that requires member nations to report their oil, gas and mineral revenues, and for such extractive companies to report payments made to obtain these publicly owned natural resources.
The EITI Standard is implemented in about 50 countries around the world and provides the public information about how much government leaders receive in taxes, royalties and lease payments from such natural resource companies, as Bloomberg explained. For instance, this information would help ensure that revenue goes towards building or fixing roads and schools, rather than hiding away in foreign bank accounts.
“This is a disappointing, backwards step," EITI Chair Fredrik Reinfeldt said. “The EITI is making important gains in global efforts to address corruption and illicit financial flows. Our work supports efforts to combat transnational crime and terrorist financing. It's important that resource-rich countries like the United States lead by example. This decision sends the wrong signal."
Gregory J. Gould, the director of the U.S. Office of Natural Resources Revenue, sent a letter to the EITI board on Thursday saying the decision was “effective immediately."
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Read more: https://www.ecowatch.com/disappointing-backwards-step-critics-blast-u-s-exit-from-global-oil-gas-anti-corruption-effort-2505846330.html
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