March 2008

China applies new money laundering law to corruption

by Hongwei Shang March 25, 2008 AML

At the end of October 2006, the Standing Committee of the People’s Congress – China’s legislative body – completed the third reading of the country’s anti-money laundering bill and enacted it into law, clearing the last major obstacle to China’s admission as a full member of the FATF. China’s previous AML legislation only applied to [...]

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China steps forward as Venezuela’s key oil buyer

by Hongwei Shang March 14, 2008 News

29 February 2008 Reuters News By Chen Aizhu BEIJING, Feb 29 (Reuters) – China could be the near monopoly buyer of Venezuelan fuel oil after Beijing stepped up financial aid to cash-strapped Caracas, but it will be years before higher volumes of crude from the OPEC member begins flowing East. Venezuela is struggling with multiple [...]

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Ecuador, China Petroriental Reach Accord on Oil Blocks

by Hongwei Shang March 14, 2008 News

3 March 2008 Latin America News Digest The Ecuadorian Government and China’s oil company Petroriental SA have finalised the renegotiation of the firm’s contract for blocks 14 and 17 in Ecuador, Oil and Mines Minister Galo Chiriboga said on March 2, 2008. Petroriental’s participation contracts for the blocks 14 and 17 were to expire in [...]

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Chinese Ambassador to Chile Praises Soaring L America-China Trade

by Hongwei Shang March 7, 2008 News

Chinese Ambassador to Chile Praises Soaring L America-China Trade March 03,2008 Chinese Ambassador to Chile Liu Yuqin praised the rapid trade growth between China and Latin America in an article published by Chilean newspaper La Nacion on March 2. "In today’s ever-more polarized world, Latin America and China, which are both developing, have to make [...]

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Bring on the Chinese

by Hongwei Shang March 7, 2008 News

Bring on the Chinese Chinese firms are heard well advanced with schemes to take a larger slice of Latin America, the origin of much of the natural resource fuel feeding the Asian tiger’s sustained expansion. Building on existing joint ventures, China should become a more dominant outright acquirer, particularly in energy and commodities. This will [...]

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