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New disclosure obligations for extractive industries

26 June 2013

On 12 June, the European Parliament adopted directives amending the Transparency and Accounting Directives.  One of the key changes to the Accounting and Transparency Directives will be the imposition of strict obligations on the large extractive industries (oil, gas and mining) and primary forest logging companies registered in the European Economic Area to disclose payments made to government entities anywhere in the world.