To ask Her Majesty’s Government what measures they will take to ensure that United Kingdom extractives industry companies do not interpret the requirements of the Reports on Payments to Governments Regulations 2014 in a way that will enable corrupt payments in resource-rich countries to stay hidden.
25 March 2015
The Government expects companies to comply with the requirements of the Reports on Payments to Government Regulations 2014.
The Regulations, which came into effect on 1 December 2014, set out the enforcement and penalty regime for any company that fails to comply in part or in full. It is a matter for the company to ensure that it is fully complying with the requirements. On a criminal conviction for not doing so the penalty may be a fine or a term of imprisonment for the directors of the company.
Reports made annually by companies under these Regulations will be published on Companies House website where both government and other interested parties will be able to consider the reports and their accuracy.