The Government of Canada recently introduced the Extractive
Sector Transparency Measures Act which imposes reporting
standards for payments made by Canadian extractive companies
(mining/oil and gas) to foreign and domestic governments including
to Aboriginal entities. This Act will solidify Canada's
international commitment to deter and detect corruption and is
intended to align Canadian reporting requirements with those of the
United States and the European Union. The Act is expected to come
into force by June 2015.
Overview
Entities
The Act applies to any entity, including controlling entities,
engaged in the commercial development of oil, gas or minerals. The
"commercial development" includes exploration, extraction
and the acquisition or holding of a permit, licence or lease or any
other authorization to carry out the exploration or extraction of
oil, gas or minerals. For the Act to apply, the entity must
also:
