Home > Economy > The UK should take the US lead on financial dealings with poor countries | Joseph Stead, guardian.co.uk

The UK should take the US lead on financial dealings with poor countries | Joseph Stead, guardian.co.uk

America’s international development department, USAid, the US international development agency, came out strongly last week in favour of a new law requiring transnational companies to come clean about their financial dealings with poor countries’ governments.

In a letter to US financial regulators, the US gave high praise to the Dodd-Frank Act, saying it could help curb the “resource curse” in which some countries’ natural resource wealth fuels massive corruption.

Regulators are still making the detailed rules to implement section 1504 of Dodd-Frank, which requires oil, gas and mining companies to reveal their payments to governments on a project-by-project and country-by-country basis.

Read more here: The UK should take the US lead on financial dealings with poor countries | Joseph Stead | Global development | guardian.co.uk.

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