A Practical Guide to Reporting under the Extractive Sector Transparency Measures Act
|Area||Mining and Natural Resources|
The Extractive Sector Transparency Measures Act (the “Act”) imposes new mandatory reporting of payments made by Canadian participants in extractive industries (mining, oil and gas) to foreign and domestic governments, including Aboriginal entities. The stated purpose of the Act is to deter and detect corruption.
Failure to comply with the reporting standards, knowingly making false or misleading statements, or structuring payments in such a way to avoid the reporting requirements, may result in a fine of not more than $250,000.