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Timothy Ridley
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Corruption is not an offshore/onshore issue: it's everyone’s business, period

August 13, 2011 by Timothy Ridley 14 Comments
The focus of international self regenerationists (UN, World Bank, OECD et al) is moving to corruption. These and their brethren agencies have well grazed the grasslands of narcotics, money laundering, terrorism and tax evasion. So to continue their existence, they need to find pastures new to feast on. Otherwise, they risk loss of funding, not to mention impairment of their juicy tax free benefits packages, health and pension plans. And adding corruption to the list of issues to be addressed by OFCs, has the added “benefit” of another (anti competitive) cost burden to be imposed on small OFCs, who are already suffering under the heavy compliance costs of meeting international standards, that have produced little progress in the fight against international crime and terrorism. This has much to do with the very patchy performance of the major onshore jurisdictions in implementing the very standards they demand of OFCs.

Enough of the tongue-in-cheek stuff. Corruption, particularly in the international context, has in recent years been moved up the agenda by the UNODC, the World Bank and the OECD. Countries that had been rather unenthusiastic in their commitment to attack corruption (particularly those with major arms, energy and mining companies who do business in less than transparent nations where standards of public propriety are less than stellar) have started to change and to implement their treaty obligations. Often as a result of major scandals and media focus. The USA has significantly ramped up prosecutions under the Foreign Corrupt Practices Act and with considerable success. The UK has been very slow to join the party (think BAE Systems and Saudi Arabia), but the Bribery Act has finally been brought into effect this year, to loud complaining by certain business interests (who worry whether taking clients to Wimbledon tennis is a criminal offence). And other major (Western) countries are also (slowly) moving forward.

Criminal activity is criminal activity and should be stopped and punished; and both in the international and local context. The perhaps unintended benefit to small OFCs, who are pressured to introduce modern legislation to assist in the fight against international corruption, is that the same regime can be used to go after local corruption. After all, an effective agency set up in an OFC to handle corruption matters can both assist in the pursuit of the financial proceeds arising from corruption overseas and also pursue corrupt local businessmen, public servants and politicians in the OFC itself.

So this is one initiative that can really help OFCs. The private and public sectors should take note and get behind the programme, rather than engage in the usual foot dragging.

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14 COMMENTS

  • Pathlease90
    By Pathlease90on Tuesday, February 24, 2015 7:57:52 AM

    GENUINE BANK GUARANTEE (BG) AND STANDBY LETTER OF CREDIT (SBLC) FOR LEASE AT THE LOWEST RATES AVAILABLE. OTHER FINANCIAL INSTRUMENTS SUCH AS MTN, CD, DLC, PB ARE ALSO AVAILABLE. We offer certifiable and verifiable bank instruments via Swift Transmission from a genuine provider capable of taking up time bound transactions. Contact : Mr. Raghvendra Pathak Email: Pathlease.vendra@gmail.com Skype ID: pathlease.vendra Email me for procedure and terms.

    • providermandate
      By providermandateon Tuesday, February 10, 2015 7:29:29 PM

      We offer our financial instrument- lease BG/SBLC for such business covering Aviation, real estate development, oil and gas, bio tech, heavy construction involving dams, irrigation scheme, Hospitality, Foods industry, telecoms, laboratory etc. For further details contact us with the below information.... Contact : Mr. Sorin Lassmann Email: providermandate.ls@gmail.com Skype ID: ls.nicu

      • Maxie.finance
        By Maxie.financeon Wednesday, January 07, 2015 5:54:58 AM

        We have direct providers of Fresh Cut BG, SBLC and MTN which are specifically for lease. Our bank instrument can be engaged in PPP Trading, Discounting, Signature Project(s) such as Aviation, Agriculture, Petroleum, Telecommunication, Construction of Dams, Bridges, Real Estate and all kind of projects. We do not have any broker chain in our offer neither do we get involved in chauffer driven offers. We deliver with time and precision as set forth in our agreement. Our terms and Conditions are reasonable, below is our instrument description. DESCRIPTION OF INSTRUMENTS: 1. Instrument: Bank Guarantee (BG/SBLC) 2. Total Face Value: Min of 1M Euro/USD (One Million Euro/USD) to Max of 5B Euro/USD (Five Billion Euro/USD). 3. Issuing Bank: HSBC, London or Deutsche Bank Frankfurt or 4. Age: One Year, One Day 5. Leasing Price: 5.0% of Face Value plus (0.5 X)% commission fees to brokers. 6. Delivery: Bank to Bank SWIFT. 7. Payment: MT-103. 8. Hard Copy: Bonded Courier within 7 banking days. All relevant business information will be provided upon request. If Interested kindly contact me via Email:~ Maxie.finance@gmail.com Skype ID: maxil.finance

        • rajanvairabroker
          By rajanvairabrokeron Tuesday, December 30, 2014 7:42:44 AM

          I have a provider who is ready, willing and able of delivering banking instruments (BG/SBLC) for lease which can be used in all forms of projects. Our bank instrument can be used as collateral to seek for loans from different banks of choice and can be used to engage into ppp trading. For contacting purpose: Email:~rajanvaira.broker75@gmail.com Skype ID :rajanvaira.broker rajan vairawanathan

          • providermandate
            By providermandateon Thursday, November 13, 2014 4:46:17 PM

            We offer our financial instrument- lease BG/SBLC for such business covering Aviation, real estate development, oil and gas, bio tech, heavy construction involving dams, irrigation scheme, Hospitality, Foods industry, telecoms, laboratory etc. For further details contact us with the below information.... Contact : Mr. Sorin Lassmann Email: providermandate.ls@gmail.com Skype ID: ls.nicu

            • Richardgomez
              By Richardgomezon Friday, November 07, 2014 5:14:56 AM

              Sir, We offer bank instruments on lease but not direct funding. These bank instruments can be in the form of Bank Guarantee (BG) or Standby Letter of Credit (SBLC) as well as PBs, LCs, DLC et al. Our bank instruments can be monetized with a Lender or Funding or can be used as a Collateral for Loans as well as for all kinds of Trade, Commodity trading and others. Also these instruments can be put in PPP, etc. Please do let me know of your willingness to proceed and I will be glad to share with you our working procedures. Thank you. Gomez Richard Contact: gomezfinance75@gmail.com Skype ID: gomezfinance75

              • rajanvairabroker
                By rajanvairabrokeron Wednesday, October 01, 2014 6:15:00 AM

                Dear Sir/Ma, We have direct providers of Fresh Cut BG, SBLC and MTN which are specifically for lease. Our bank instrument can be engaged in PPP Trading, Discounting, Signature Project(s) such as Aviation, Agriculture, Petroleum, Telecommunication, Construction of Dams, Bridges, Real Estate and all kind of projects. We do not have any broker chain in our offer neither do we get involved in chauffer driven offers. We deliver with time and precision as set forth in our agreement. Our terms and Conditions are reasonable, below is our instrument description. DESCRIPTION OF INSTRUMENTS: 1. Instrument: Bank Guarantee (BG/SBLC) 2. Total Face Value: Min of 1M Euro/USD (One Million Euro/USD) to Max of 5B Euro/USD (Five Billion Euro/USD). 3. Issuing Bank: HSBC, London or Deutsche Bank Frankfurt or any Top 25 WEB 4. Age: One Year, One Day 5. Leasing Price: 5.0% of Face Value plus (0.5 X)% commission fees to brokers. 6. Delivery: Bank to Bank SWIFT. 7. Payment: MT-103. 8. Hard Copy: Bonded Courier within 7 banking days. All relevant business information will be provided upon request. If Interested kindly contact me via Email:~rajanvaira.broker75@gmail.com Skype ID :rajanvaira.broker rajan vairawanathan

                • Communal Award
                  By Communal Awardon Sunday, September 21, 2014 1:17:23 AM

                  Unlike Capitalism, Globalization is Zero-Sum and a Ponzi/Pyramid Scandal

                  • Zsebelease
                    By Zsebeleaseon Saturday, August 23, 2014 11:56:17 AM

                    I can deliver leased instruments to Organization or individuals, Trading, Discounting, signature project(s) such as Aviation, Agriculture, Petroleum, Telecommunication, construction of Dams, Bridges, Real Estate and all kind of projects with their preferred text verbiage as been approved by their bankers. We also proffer-sales option to interested buyers. Our terms and procedures are so flexible and workable by RWA clients. Our lease rate is (5.0 1)% x%. X% IS Lessee broker's Commission and he determines his commission. Also we have facilities to discount BG and Put you into PPP Trading. If Interested kindly reply to me via email. (bginstrumentmandate@gmail.com) Skype: (zsebe.jozsef1)

                    • Maxie.finance
                      By Maxie.financeon Friday, April 18, 2014 8:05:34 AM

                      Dear Sir/Ma, We have direct providers of Fresh Cut BG, SBLC and MTN which are specifically for lease. Our bank instrument can be engaged in PPP Trading, Discounting, Signature Project(s) such as Aviation, Agriculture, Petroleum, Telecommunication, Construction of Dams, Bridges, Real Estate and all kind of projects. We do not have any broker chain in our offer neither do we get involved in chauffer driven offers. We deliver with time and precision as set forth in our agreement. Our terms and Conditions are reasonable, below is our instrument description. DESCRIPTION OF INSTRUMENTS: 1. Instrument: Bank Guarantee (BG/SBLC) 2. Total Face Value: Min of 1M Euro/USD (One Million Euro/USD) to Max of 5B Euro/USD (Five Billion Euro/USD). 3. Issuing Bank: HSBC, London or Deutsche Bank Frankfurt or 4. Age: One Year, One Day 5. Leasing Price: 5.0% of Face Value plus (0.5 X)% commission fees to brokers. 6. Delivery: Bank to Bank SWIFT. 7. Payment: MT-103. 8. Hard Copy: Bonded Courier within 7 banking days. All relevant business information will be provided upon request. If Interested kindly contact me via Email:~ Maxie.finance@gmail.com Skype ID: maxil.finance

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