▁ 2 0 0 3 ▁meeting . ▁The ▁report ▁con cludes ▁that ▁" reg ard less ▁of ▁the ▁reasons ▁why ▁the ▁clo ak ▁of ▁an onym ity ▁is ▁made ▁available , ▁if ▁it ▁is ▁provided ▁it ▁will ▁also ▁assist ▁those ▁who ▁may ▁wish ▁to ▁remain ▁hidden ▁because ▁they ▁eng age ▁in ▁illegal ▁or ▁criminal ▁activities , ▁including ▁terror ists ." ▁The ▁O E CD ▁report ▁con cludes ▁that ▁the ▁use ▁of ▁bear er ▁shares ▁is ▁" per haps ▁the ▁single ▁most ▁important ▁( and ▁perhaps ▁the ▁most ▁widely ▁used ) ▁mechanism " ▁to ▁protect ▁the ▁an onym ity ▁of ▁a ▁ship ' s ▁benef icial ▁owner . ▁Phys ically ▁possess ing ▁a ▁bear er ▁share ▁acc ords ▁ownership ▁of ▁the ▁corpor ation . ▁There ▁is ▁no ▁requirement ▁for ▁reporting ▁the ▁transfer ▁of ▁bear er ▁shares , ▁and ▁not ▁every ▁juris diction ▁requires ▁that ▁their ▁serial ▁numbers ▁even ▁be ▁recorded . ▁ ▁Two ▁similar ▁techniques ▁to ▁provide ▁an onym ity ▁for ▁a ▁ship ' s ▁benef icial ▁owner ▁are ▁" nom ine e ▁share hold ers " ▁and ▁" nom ine e ▁direct ors ." ▁▁ ▁The ▁ 2 0 0 3 ▁O E CD ▁report ▁said ▁that , ▁in ▁some ▁juris dict ions ▁that ▁require ▁share holder ▁ident ities ▁to ▁be ▁reported , ▁a ▁loop hole ▁may ▁exist ▁where ▁the ▁benef icial ▁owner ▁may ▁appoint ▁a ▁nom ine e ▁to ▁be ▁the ▁share holder , ▁and ▁that ▁nom ine e ▁cannot ▁leg ally ▁be ▁comp elled ▁to ▁reve al ▁the ▁identity ▁of ▁the