EU attempt to mitigate exploitation in the oil & gas industry
Although citizens of countries endowed with oil, gas and mineral reserves are the rightful legal owners of such commodities, in many cases globally, governments have hindered the effective exploitation of such resources resulting in huge wealth disparity and lack of sustainable economic development for the economy. In recent years, EU and US regulators have introduced efforts to create a global standard for accountability in the extractive & natural gas sector. In 2010, the US introduced the Dodd Frank Act in 2013 and the EU brought the amended Accounting and Transparency Directives into force. Only time will tell if Cyprus will not fall victim to the reckless ways of its oil predecessors in Saudi Arabia and Bahrain.
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