Just how difficult and costly is it to set up an offshore company?

Last week the massive “Offshore Leaks” investigation by the International Consortium of Investigative Journalists reported the uncovering of the beneficial owners of thousands of offshore companies.

Among the owners of offshore shell companies disclosed so far are several senior politicians and their close families in various countries.

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Wanted: A replacement for “petty”

Eduardo Bohorquez and Deniz Devrim of Transparencia Mexicana, our national chapter in Mexico, recently published an article arguing for the abolishment of the word “petty” in the term “petty bribery”. They point out that petty bribery in fact generates substantial costs to society, both monetary and non-monetary. For example, surveys find that in Mexico households with the minimum income spend 33 per cent of their monthly income on bribes.

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