In August 2021, the Amended Anti-Money Laundering Law of the People’s Republic of China ("Amended AML Law") came into effect. The International Monetary Fund estimates the total amount of laundered money to be 2-5% of the global GDP in one year. Money laundering refers to transforming illegal money generated from criminal activity (such as drug…
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The Notice on Strengthening the Management of Payment Acceptance Terminals and Related Business No. 259 (“Notice 259”) on October 13, 2021. Issued by the People’s Bank of China and effective from 1 March 2022, this is the first legislation to regulate quick response (“QR”) code payments (Company Collection Payment Codes). Notice 259 require QR code…
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The corporate veil or the corporate personality is a legal term refers to the separation of the corporate entity from the shareholder in a litigation. When shareholders' liabilities in China become personal. In such case, the court usually renders the shareholder personally liable for the debts, negligence, or mismanagement of the business, and personal assets…
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