One thing that has been enacted and that you should be aware are the new reporting requirements for payments, but it only relates to the extractive industry. It's detailed on page 27 of your PowerPoint presentation. Why the extractive industry only and not other industries I think is because a study conducted by the OECD that suggests that 20% of transnational bribery cases occur in the extractive sector, so therefore, I guess they targeted this sector for bribery disclosure requirements.

Because nearly all natural resource deals involved foreign governments, which typically control their country's resources directly, or through state-owned enterprises. Energy companies, for example, usually pay foreign governments for the right to explore for oil and gas, and they pay royalties on the eventual production. So far, 77 countries adhere to some sort of payment disclosure standard in this industry. US abandoned this payment disclosure rules with the Trump Administration. However, SEC may re-propose a new rule within a year.

The disclosure requirements in the extractive industry arrived in various ways. In some cases, under legislation, or through tax rules, accounting standards and treaties. Some are based on the extractive industry's transparency initiative. I have provided, as Joe told you, I made a list of countries that have adopted these payment disclosure rules, and you may ask him for this table at the end of this presentation. You should know, however, that Norway mandates disclosure of payments in the extractive industry on this country by country report, which is publicly disclosed. The country by country report, which we will refer to towards the end of this presentation, is a tax reporting requirement, and Norway has amended this disclosure form and mandate disclosure of all payments made to government on this form, which is different.

Now, I want to take us to page nine of our presentation, and refer to the investigations that are ongoing in Nigeria. In Nigeria, detectives have been busy sending evidence all over the world regarding Nigeria's ex-oil minister Alison Madueke for her 1.7 billion oil related corruption. Madueke left office in 2015, but has been implicated in bribery, fraud, misuse of public funds, tax evasion, and money laundering cases in Nigeria, Britain, Italy, and the United States. In October of 2015, the ex-minister was arrested in London on charges of money laundering. In 2016, Italian prosecutors alleged that she received kickbacks from oil majors ENI and Shell as part of a 1.3 billion deal for an offshore oil block in Nigeria, and finally, in July of 2017, US prosecutors seized 144 million in her luxury assets in the United States.