EU Plans Anti-Corruption Law For Firms

The EU has voted for a draft anti-corruption law to make it illegal for oil, gas and mining companies to give illicit payments to officials in resource-rich nations that lack strong governance.

The proposed legislation in the European Parliament comes after US pressure and mirrors America’s foreign corrupt practices act (FCPA).

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

The series of votes in Brussels backed detailed reporting to regulatory authorities starting from a minimum threshold of 80,000 euro (£65,000), almost identical to the $100,000 US requirement and far lower than the $1m (£615,000) level some resource firms had suggested.

In contrast to the US rules, the EU is also proposing to include the forestry industry, banking, construction and telecommunication sectors on a less detailed level than those for extractive industries.

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