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Raymond Baker

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Why Oil Exporting Countries Need Transparency

Posted: 02/14/2012 12:14 pm

Corruption and secrecy in the oil, gas and mining industries takes a serious toll on developing and emerging economies. It negatively affects human rights, governance, global development and security.

A provision of the new Dodd-Frank financial reform legislation shines a light on the deals that oil, gas and mining companies make with foreign governments, however oil executives are lobbying the Securities and Exchange Commission for special exemptions for themselves in this new law.

We've compiled a slideshow of the top 10 oil exporting countries and listed the cost that corruption and financial opacity has on each country's economy. This is a serious problem, and we must ensure that the SEC issues strong proposals that don't exempt oil companies from this important law.

Flip through the slideshow and then click here to take action and learn more.

10. Libya
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Libya, the 10th biggest exporter of oil in the developing world, lost US$43.32 billion in illicit financial outflows from 2000-2009, according to Global Financial Integrity.

Above: Civilians celebrate atop a revolutionary forces tank near Sirte, Libya, Sunday, Sept. 25, 2011. (AP Photo/Manu Brabo)
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