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Bill a ‘breakthrough’ against graft: group

Bill a ‘breakthrough’ against graft: group

International corruption watchdog Transparency International has welcomed the United States senate’s recent passage of a sweeping financial reform bill, which would require US-listed oil, gas and mining companies to disclose payments made to foreign governments to secure access to extractive resources. “Much of the data on what companies pay for the right to exploit these resources and how this money is spent by host governments remains unpublished and beyond public scrutiny,” TI said in a statement Wednesday. TI said the passage of the bill would be “a breakthrough for transparency and accountability” in the sector. International oil, gas and mining companies operating in Cambodia – including Total, Chevron and BHP Billiton – are likely to be affected by the bill, which would require the disclosure of all payments to the US securities and exchange commission by 2012.

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