BAKSHEESH [backsheesh, bakshis] – an Arabic term for a relatively small amount of money given to a beggar or for services rendered (as to a waiter): alms, tips, gratuity, pourboire. Where the amount of baksheesh is inflated or demands for it are illegitimate, baksheesh is synonymous with bribe or grease money.
BENEFICIAL OWNERSHIP – a beneficial owner is the real person who ultimately owns, controls or benefits from a company or trust fund and the income it generates. The term is used to contrast with the legal or nominee company owners and with trustees, all of whom might be registered as the legal owners of an asset without actually possessing the right to enjoy its benefits.
BENEFICIAL OWNERSHIP SECRECY – complex and opaque corporate structures set up across different jurisdictions, make it easy to hide the beneficial owner, especially when nominees are used in their place and when part of the structure is incorporated in a secrecy jurisdiction.
BENEFICIAL OWNERSHIP TRANSPARENCY – when corporate ownership structures are transparent and easily accessible, the public, law enforcement, and regulatory authorities are able to see exactly who ultimately benefits from a company’s operations.
BRIBERY – the act of offering someone money, services or other valuables, in order to persuade him or her to do something in return. Bribery is corruption by definition. Bribes are also called kickbacks, baksheesh, payola, hush money, sweetener, protection money, boodle, gratuity etc. Bribery is widely criminalised through international and national laws. In particular, the bribing of foreign officials is outlawed by the OECD Convention on Combating Bribery of Foreign Public Officials.
BUREAUCRATIC CORRUPTION (see PETTY CORRUPTION) – also referred to as petty corruption, this takes place at the implementation end of politics, where the public meets public officials. Bureaucratic corruption is usually distinguished from grand and political corruption (to the extent it is possible to distinguish administration from politics). Bureaucratic corruption usually involves smaller amounts of money, but the damage may be significant, in monetary and political terms, if it is happening in a systemic manner.