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APPG Chair Eric Joyce MP calls for Dodd-Frank style legislation to be implemented urgently in the UK |
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Written by Sophia Pickles
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Wednesday, 06 April 2011 17:53 |
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As part of the APPG’s ongoing work to improve transparency and due diligence in the extractive industries in DRC and in the Great Lakes region, APPG Chair Eric Joyce MP made a contribution to the end of session Adjournment Debate on Tuesday 5 April 2011.
Mr Joyce used the recent much talked-about case between the two mining companies First Quantum Minerals and the Eurasian Natural Resources Corporation (ENRC), in which First Quantum claims to have been expropriated from its assets invested in DRC, before they were transferred to ENRC. The APPG Chair stated that this case illustrated the necessity for transparency in mineral extraction industries, on a country by country and project by project basis, similar to the requirements that are about to be implemented through the Dodd-Frank Act, enacted in the US in July.
The vast revenues generated by these industries could potentially play a decisive role in lifting the population of these countries out of poverty, and yet are too often misdirected and therefore escape the usual taxation channels. Many argue that replicating the Dodd-Frank provisions within UK legislation would contribute to a healthier business environment and could also improve long-term development potential for natural resource rich countries.
The debate in its entirety can be found here.
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Last Updated on Tuesday, 19 April 2011 07:35 |
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