Natural Resources

The amendments to the Undeground Law allegedly could have been proposed in order to facilitate the activities of private investment to build constructions of greenhouses on the location of unique underground recources of quartz sand

Israeli police are questioning a diamond dealer on suspicion of Embezzlement as part of a fraud investigation that could involve sums of up to $65 million (£45m).

New evidence shows oil, gas; mining firms use loopholes and avoid tax depriving communities of much-needed resource income

Last month, the US Securities and Exchange Commission (SEC) passed a rule that will require resource extraction issuers to disclose the payments that they make to governments for the commercial development of oil, gas and minerals resources. This is a significant step forward also for Indonesia as several companies listed in the US operate in the country and the data of the payments that these companies make to the Indonesian government will now become available. Similar laws already exist in the EU, Canada and Norway. The number of oil, gas and mining companies in the US is huge and, on top of that, they are classified as big extractive companies as they operate around the globe with significant capital.

Water is arguably the world’s most precious, if not always most expensive, resource. The OECD is looking to prioritise cooperation between sectors and new forms of financing. EurActiv’s partner El País – Planeta Futuro reports.

We, members of Civil Society Organizations in Zambia working on issues of extractive industries observed that on 8th – 9th December 2015 in Kiev, the Global Transparency Initiative which promotes good governance of natural resources – the Extractive Industries Transparency Initiative (EITI) – agreed to make beneficial ownership transparency an obligation on all 49 member countries.

According to a 2014 report from Global Financial Integrity entitled “Illicit Financial Flows from Developing Countries: 2003- 2012”, Indonesia ranks seventh of countries with the largest illicit Financial Flows (IFF). In 2014 IFF in Indonesia is estimated at a total of IDR 227.75 trillion ($20 billion), the mining sector contributes IDR 23.89 trillion ($2 billion), mainly derived from trade mis-invoicing. Late 2015 Publish What You Pay Indonesia conducted a study on IFF and tax crime in the mining sector in Indonesia. This is an urgent issue, given the sad reality of Indonesia among the top seven developing countries with highest IFF.

The Extractive Industries Transparency Initiative calls on mining companies to publish what they pay to government and governments to publish what they receive from government.

Indonesia ranks seventh in biggest Illicit Financial Flows (IFF) among developing countries for year 2003-2012. While in 2014, IFF in Indonesia in 2014 is estimated reaching IDR 227.75 trillion ($20 billion). Mining sector contributes IDR 23.89 trillion ($2 billion), mainly derived from trade misinvoicing.

Two fraudsters arrested and led away in handcuffs after landing at Heathrow have been stripped of nearly £6 million in crime profits after an international operation to recover their illicit gains from a huge “cold-calling” scam.