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CORRUPTION GLOSSARY – O

OFFSHORE FINANCIAL CENTRE – provides tax and regulatory privileges, generally to companies, trusts and bank account holders on condition that they do not conduct active business within that jurisdiction. These financial services can include minimum government interference and very low or zero tax rates. A SECRECY JURISDICTION provides similar services but under conditions of extreme opacity, making it attractive for owners of companies with something to hide.

OVERSIGHT – the process of independently monitoring and investigating, internally or externally, the operations and activities of a government agency, company or civil society organisation to ensure accountability and efficient use of resources.

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