Over the past decade, Canada has joined a growing coalition of governments from around the world in toughening its stance against the improper influencing of foreign and domestic government officials. Two recent Government of Canada initiatives encourage acquirers involved in extractive resource industries, or with service contracts with the federal government, to enhance their diligence efforts to account for new susceptibilities related to corruption and bribery. Extractive resources industries On March 1, 2016, the Department of Natural Resources issued finalized implementation tools that provide more precise guidance on the underlying disclosure obligations of companies required to comply with the Extractive Sector Transparency Measures Act (the ESTMA). The stated purpose of this recently enacted legislation is to increase transparency and ensure Canadian businesses involved in resource extraction industries are supporting the proper development of the countries hosting…
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