U.S. withdraws from extractive industries anti-corruption effort
Source: Reuters
NEW YORK (Reuters) - The United States has withdrawn from the Extractive Industries Transparency Initiative (EITI), an international effort to fight corruption in managing revenues from oil, gas and mineral extraction.
There had been doubts about continued U.S. participation in the EITI since earlier this year when Congress killed the so-called resource extraction rule, which required companies like Exxon Mobil Corp to disclose taxes and other fees paid to foreign governments, such as Russia.
In a letter to the EITI board on Thursday, the director of the U.S. Office of Natural Resources Revenue, Gregory J. Gould, wrote that “effective immediately” the United States was withdrawing as an EITI implementing country.
He wrote that while the U.S. remains committed to fighting corruption “it is clear that domestic implementation of EITI does not fully account for the U.S. legal framework.”
Read more: http://www.reuters.com/article/us-usa-eiti/u-s-withdraws-from-extractive-industries-anti-corruption-effort-idUSKBN1D2290?il=0
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