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Published: Thursday 15 August, 2013

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Your VoiceGENEVA/LONDON Reuters The UK and French governments are set to join a global initiative that will require oil and mining firms to comply with new disclosure measures aimed at reducing corruptio longchamp tote bags n, sources involved in the process said on Wednesday.

The Extractive Industries Transparency Initiative EITI has stakeholders in the public and private se longchamp tote bags ctors and requires resource companies to disclose payments made to governments.

EITI terms are not legally binding, but member countries that fall short of requirements can be suspended from t longchamp tote bags he process, leading to political embarrassment.

Britain, currently chairing the Group of Eight major economies and home to resource firms such as Rio Tinto and BP , has said that transparency will be one of the focus areas for the G8 summit in June.

They are joining for practicewhatyoupreach reasons. Its hard to tell countries to do EITI when youre not doing it yourself, one of the sources said.

The EITI, supported by the World Bank as well as resourcerich countries such as oil producer Nigeria, agreed to a new global transparency standard at a meeting in Sydney on Wednesday. longchamp tote bags