U.S. to Exit Global Anti-Corruption Effort Aimed at Oil Cash
- Oil, mining companies pledged to disclose overseas payments
- U.S. joins Azerbaijan in rejecting anti-corruption initiative
Photographer: Andrey Rudakov/Bloomberg
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The Trump administration said it will exit a global anti-corruption effort that compels oil, gas and mining companies to disclose the payments they give governments worldwide.
The decision, announced in a Thursday to the Extractive Industries Transparency Initiative, may undercut the effort that aims to give citizens and watchdogs in poor but mineral-rich nations details on how much their government leaders get in taxes, royalties and lease payments. With that information, they can ensure the money is spent on roads and schools, not squirreled away in foreign bank accounts.