The Securities and Exchange Commission (SEC) has voted to compel US oil and mining companies - or any company registered on US soil - to reveal taxes and fees paid to foreign governments.

The move is aimed at tackling the rampant corruption all too common in many oil-producing nations.

While human rights and business transparency groups have welcomed the ruling - fulfilling a key element of the Dodd-Frank financial reform law - some industry groups have claimed it will benefit companies not forced to abide by the new rules.

'While we still need to analyze the many details of the new rules, the SEC's vote marks the end of secrecy of company payments to governments,' said Karin Lissakers, president of Revenue Watch, which supported the underlying law, section 1504 of the Dodd-Frank Act.

'The rules will be good news for every citizen wanting more open government, from the Middle East to West Africa to Asia.'

The body, which 'promotes the effective, transparent and accountable management of oil, gas and mineral resources for the public good', said it expected 'the EU to soon follow suit and other countries will join the push to make full transparency of oil, gas and mining sector payments a truly global standard.'

From 2014, any payment over $100,000 (£63,000) including taxes, fees, infrastructure improvements and dividends will have to be made public.

Under the new rules, all 'resource extractors' must provide information about financial transactions such as the type, currency and total amount of payments made for each project, the financial period in which the payments were made and which government received funds.

Powerful industry groups had lobbied unsuccessfully for an exemption to the mandate in instances where foreign governments restricted disclosures.

The SEC also voted to force companies to reveal when their manufactured goods contain Congolese 'conflict minerals' minerals like tin, gold and tungsten.

Murderous warlords in the African country often sell these minerals, which end up in electronics parts and equipment - to fund their next round of bloodshed.