China Strengthens Anti-Money Laundering and CFT Laws

SHANGHAI, CHINA – April 19, 2013 – According to Diaz Reus & Targ attorney Xingjian “Jeff” Zhao, the Chinese government is ramping up its enforcement of the country’s anti-money laundering and combating the financing of terrorism (AML/CFT) laws, and incidents of non-compliance are being taken ever more seriously. Zhao spoke at the April 19, 2013,…

Latin America-China Dispute Resolution

LIMA, Peru, March 19, 2013 /PRNewswire/ — With growing trade between Latin America and China, it’s essential to include an effective dispute resolution provision in commercial agreements, according to Xingjian “Jeff” Zhao, Associate Attorney, Diaz Reus & Targ, LLP, Shanghai Representative Office. “There are several choices in arbitration wording, as well as venues,” said Zhao at…

New Privacy Laws in India and China: A Barrier to Outsourcing

Indian Outsourcing operationsNew rules that significantly alter the privacy landscape in India and have profound implications for multinational companies outsourcing business to India or operating in India became effective April 13, 2011, when India introduced the Information Technology (Reasonable Security Practices and Procedures and Sensitive Personal Data or Information) Rules. Meanwhile as India inks and…

The Growing Cost of Investing in China: A Shift in Strategy

Beginning December 1, 2010, foreign enterprises in China were required to pay “municipal maintenance and development taxes” and “educational taxes,” eliminating the last two tax exemptions that were previously accorded to foreign-invested companies. As a result, foreign invested companies enjoy no more tax benefits and bear the same tax burdens and obligations as their Chinese…

A New Breed of Foreign Direct Investment in China: Tourism

Overseas tourist destinations are becoming increasingly popular among Chinese people who are fond of travelling in their leisure time. In line with the growing outbound tourist trend, the Chinese government has recently issued the Provisional Measures Governing Outbound Tours Operated by Sino-Foreign Joint Venture Tourist Agencies (“Measures”). The Measures came into effect on 7 September…

The Singapore Sling Meets the Mojito

Last month, Singapore welcomed the world’s only high-speed Formula One (“F1”) night race. Under the backdrop of the Grand Prix, Singapore hosted the Seventh Latin Asia Business Forum. Economists are forecasting a healthy growth rate for trade and investment between Latin America and Southeast Asia, specifically Singapore. The potential opportunities for collaboration between the regions…

Enhanced Protection of Privacy to Change the Business Environment in China

When the Chinese legislature enacted a new criminal statute in 2009 penalizing unlawful acquisition and misappropriation of citizens’ private information, no one thought that the government would be serious in enforcing it. The reason was simple: privacy rights have not been fully defined in China, and unscrupulous exploitation of personal information, including sale and purchase…

China Explores Emerging Opportunities in Mexico

China and Mexico share important priorities that have forged the basis for cooperative relations between the two nations.  For Chinese investors, Mexico has become a desirable investment destination because of its wealth of natural resources, modern infrastructure, internationally qualified workforce, and predictable legal environment. The fact that Mexico has been blessed with natural resources so…