TRANSPARENCY TRUMPED
On June 27, 2016, the US Securities and Exchange Commission (SEC) voted to approve regulations to implement Section 1504, or the Cardin-Lugar Amendment, of the 2010 Dodd-Frank Financial Reform and Consumer Protection Act. Section 1504 requires any oil, gas or mining company filing an annual report with the SEC to disclose its country and project-level payments to host governments each year. Now the Trump government has chosen to repeal it, which means US minerals majors will no longer be forced to throw into the open their tax and financial affairs, particularly in Africa. This reverses all the impediments in the way of warlords using metals and minerals to fund violence.
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