From the blog of the Task Force on Financial Integrity and Economic Development:

A debate was held on transparency and extractive industries in Africa at the European Parliament on 15 September 2010, organised byCIDSE, an international alliance of Catholic development agencies and its partner organisation SECAM, the pan-African bishops’ conference.

The debate highlighted how “the lack of transparency is killing the African people,” as stated by Bishop Louis Portella-Mbuyu of Congo-Brazzaville, who for years has fearlessly challenged his government and transnational extractive companies.

EU legislation could contribute to recuperating the huge amount of uncollected tax revenue, far surpassing development aid. The European Commission recently reviewed its EU transparency regulation setting up transparency requirements for European Multinational companies (the TOD Directive) however; country by country reporting has not yet been included.  It is critical that information be reported and measures implemented that enable countries’ tax authorities and citizens to hold companies and governments accountable for the money earned on their natural resources. As expressed by Bernard Pinaud, Director of CCFD-Terre Solidaire, “the US has recently set the right example by passing such legislation, the EU should follow suit.”

I’m in Brussels in two weeks.