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EU politicians vote for tough oil, gas anti-corruption law

ByREUTERS
September 18, 2012 14:47

BRUSSELS - European Union legislators have voted for a draft anti-corruption law, echoing rigorous US rules to make oil, gas and mining firms declare payments they make in resource-rich nations.

Pressure has mounted on the EU to take a tough line after the US regulator in August set demanding rules for US-listed firms.

Tuesday's series of votes in the European Parliament backed detailed reporting to regulatory authorities starting from a minimum threshold of 80,000 euros ($105,100), almost identical to the $100,000 US requirement and far lower than the million-dollar level some resource firms had said was practical.

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