"Major step forward in anti-corruption fight as global transparency standard ramps up reporting requirements for oil, gas and mining companies", 9 Mar 2017

…Extractives Industries Transparency Initiative (EITI)…agreed to roll out a…measure require[ing] extractive companies to publish their payments to governments, such as taxes and royalties, separately for each oil, gas or mining project they own. Governments, in turn, are required to publish the receipts.

By bringing payments and receipts out into the open, people in resource-dependent countries can track the money and hold their governments to account for how it’s used. This matters because a lack of transparency in the oil, gas and mining industries means that too often the payments, which amount to hundreds of billions of dollars a year, are diverted into the private pockets of corrupt politicians and business elites. This is public money that should be working to reduce poverty in resource-rich but economically poor regions…[T]his…‘project-level reporting’, is required for all EITI reports covering fiscal years ending on or after 31 December 2018…