Canadian law on disclosing mining payments abroad takes effect
OTTAWA, Ontario (Bloomberg) -- A Canadian law requiring mining and energy companies to publicize payments made in foreign countries is now in force, Natural Resources Minister Greg Rickford says.
The country’s Extractive Sector Transparency Measures Act, which received Royal Assent in December, takes effect Monday, Rickford said in a written statement.
The law requires mining, oil and gas and “extractive companies” to report all payments of C$100,000 ($81,122) or more to governments in Canada and abroad, according to the statement.
Payments made to aboriginal governments in Canada will not fall under the law until June 1, 2017.
The law is an “important step toward establishing a global standard of transparency while supporting jobs and growth both at home and abroad,” Rickford said.
