In the news: Offshore accounts launched and the FCPA threat for MNCs

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The PBOC has given the green light for offshore accounts in the Free Trade Zone and the FCPA threat against multinationals in China is put into perspective

Offshore accounts permitted in trade zone

China Daily reported the announcement from the People's Bank of China (PBOC) that it will permit businesses and individuals to open offshore accounts in the China (Shanghai) Pilot Free Trade Zone. Foreigners will be allowed to open offshore accounts in the Zone and will be treated as local residents for this purpose. Financial institutions in Shanghai can offer offshore accounts through a separate accounting unit for FTZ transactions. There will be no limits on money transfers between offshore accounts in the Zone and overseas accounts.

Source: China Daily

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