EU legislators vote for tough draft anti-corruption law

PanARMENIAN.Net - European Union legislators have voted for a draft anti-corruption law, echoing rigorous U.S. rules to make oil, gas and mining firms declare payments they make in resource-rich nations, Reuters reported.

Pressure has mounted on the EU to take a tough line after the U.S. regulator in August set demanding rules for U.S.-listed firms.

The Sept 18 series of votes in the European Parliament backed detailed reporting to regulatory authorities starting from a minimum threshold of 80,000 euros ($105,100), almost identical to the $100,000 U.S. requirement and far lower than the million-dollar level some resource firms had said was practical.

In contrast to the U.S. rules, the European Union is also proposing to include the forestry industry and banking, construction and telecommunication sectors on a less detailed level than for extractive industries.

Non-governmental organizations were swift to welcome the decisions, although the draft rules will only become law following further negotiations and approval by EU member states.