Well I know that glycerin (glycerine) is an emollient, in other words it helps attract as well as retain moisture and it's good for the skin and hair. Here is brief info of what the other ingredients are:
-Propiene Glycol: Comes from petroleum and used as a solvent, usually used in cosmetics that will be applied near the eyes. Also, possibly carcinogenic.
-Arctostaphyious Uva-Ursi (Bearberry leaf extract): This is a good lightening ingredient, help kills bacteria, and also contains arbutin
-PEG-40 Hydrogenated caster oil: derives from castor oil, used in cosmetics
-Trideceth-9, Parfum (fragrance): of course fragrance
-Morus bombycis (Mulberry root extract): Another good skin lightener that comes from
Japan, from the dried skin of the mulberry roots.
-Daucus Carota: Meaning "carrot seed oil", rich in vitamin A which keeps skin looking young.
-Ascorbic Acid, Sodium Lactate: Ascorbic Acid is one of the forms of vitamin C and is an antioxidant, it helps produce collagen, helps to lighten, also good for wrinkles and sun damage.
-Sodium Medtabisulfite: This is used to slow or prevent deterioration of the product.
-Bencyl Alcohol: (benzyl) Can adjust the pH, help preserve, and also used as a solvent
-Methychtoroisothiazolinone: A preservative that helps kill fungi, bacteria, and yeast. Considered an allergin and can cause brain and nerve damage.
-Methylisothiazolinone: (aka "MIT") Used to help kill bacteria and is another preservative, it's also well-known to cause brain and nerve damage, and is toxic. Also used in soaps for hands and the dishes.
These 2 websites I really like the most:
http://www.cosmeticsdatabase.com/
Dangerous chemicals in personal care products compromise health by Mike Adams the Health Ranger