Diaz Reus Legal Counselor Magazine & Other Articles
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August 12, 2010
A Carlos Gonzalez, partner and Ricardo Ortiz, associate attorney at Diaz, Reus & Targ in Miami:
"The new regulations will certainly impact banks' bottom line, but they will also spur these institutions to increase their offerings to the public. Specifically, the new regulations limit a bank's ability to charge fees to account holders based on amounts on deposit and loan payments. In a bid to increase transparency, banks will also be required to clearly disclose the total costs for specific transactions. These measures should translate into immediate benefits for the consumer in the form of actual savings. But the question is how long these savings will last. Fees and commissions represent an important part of a bank's total income. And while Mexico's banks may be forced to reduce their fees with respect to one set of services, consumers may be hit with new fees related to other products. For example, to offset the decline in commission income, banks may raise the interest rates charged for loans. This increase, coupled with a larger volume of loan activity, will certainly add to the banks' bottom line. But, it may also cut into consumer savings. The long-term impact of these regulations remains to be seen. Mexico's financial institutions are robust and have weathered the economic crisis. However, their success may yet be tempered by the government's desire to further clamp down on the high fees they charge for various services."
Apastore - Understanding Anti-Corruption Issues in Latin America, July 30, 2010
By Michael Diaz Jr.
Understanding the Problem
Latin America and the Caribbean continue to wage a battle against corruption, bribery, fraud, and their direct by-product, money laundering. These unlawful practices have long been tolerated in many jurisdictions throughout the region, with little risk to the participants. Such practices are still prevalent in the region, notwithstanding a strong push from the U.S. and Europe to freeze assets and assess financial penalties on institutions and individuals who engage in this conduct and violate, among other things, tax, anti-money laundering (AML), and anti-corrupt laws. In today’s enforcement-driven environment, it is essential that multinational corporations and financial institutions recognize the serious legal, financial, political, and business risks posed by historically lax local enforcement and compliance practices in the region. Only after understanding the risks that lie in this region, can corporations and their officers learn to identify, prepare for dealing with, and avoid these unlawful practices that could curtail a company’s success.
Changing Clients and Cases
As a global law firm focused on international transactions, we represent private enterprises, potential investors, and financial institutions from China, the Middle East, Latin America, and the Caribbean, as well as Europe and the U.S. In the past two years, we have seen a strong upturn in clients from Mexico, the Asia/Pacific region, as well as the Middle East. This regional trend is likely the result of the depressed economic conditions in the U.S., coupled with increasingly robust Sino-Latin American trade and investment. These regions, which are mainly comprised of developing nations lacking tough regulations, have also become the breeding ground for corruption and fraud.
The global economic crisis has created a new class of victim. Corporations, financial institutions, and even government entities have fallen victim to increasingly sophisticated schemes to defraud. Not only have these entities been directly defrauded, they have unwittingly become pawns in the schemes to defraud third parties. This is especially the case with financial institutions, whose account holders have been stripped of their holdings by the perpetrators of Ponzi schemes and other fraudulent activities. Although Fighting Fraud and Corruption in Latin America these entities may lay claim to the title of “victim,” they have also been labeled villains by the very account holders that have seen their assets depleted due to lax compliance and enforcement policies. There is a line where negligence turns criminal, and institutions that fail to acknowledge the important role they play in protecting against fraud and corruption risk crossing that line. Since 2008, our firm has seen a significant increase in cases involving entities seeking relief as direct victims of fraud while, at the same time, seeking to defend against allegations that they permitted frauds to be perpetrated against third-parties.
Between 2009-2010 our firm has been involved in numerous cases involving alleged violations of the Foreign Corrupt Practices Act (FCPA), codified at 15 U.S.C. §§ 78dd-1, et seq., the USA Patriot Act, Pub. L. No. 107-56, 115 Stat. 272 (2001), and certain rules and regulations enforced by the U.S. Office of Foreign Assets Control (OFAC), see, e.g., 31 C.F.R. § 515.201 (2009) (Cuba) and 31 C.F.R. § 560.204 (2009) (Iran), which polices commercial dealings with nations considered unfriendly to the U.S., including Cuba, Iran, and North Korea. In addition to specific violations of these various enforcement regimes, U.S. authorities regularly tack-on money laundering charges to FCPA and OFAC violations, as such violations may constitute the type of specified unlawful activity that can turn transactions into money laundering.1
N° 985July 26, 2010
La Lettre des Juristes d’Affaires Actions de groupe : la Cour suprême siffle la fin de la partie pour les investisseurs étrangers Par L Une décision innovante qui n’a pas tenu compte des décisions récédentes prises par les cours d’appels et qui, en bouleversant le système, devrait diminuer le nombre des poursuites intentées aux États-Unis. Selon une stricte interprétation, la décision ne concerne pas que les investisseurs étrangers. Les investisseurs américains, non plus, ne pourront plus intenter de procès après avoir acheté des actions négociées à l’étranger. Autre répercussion : les sociétés étrangères pourraient décider de ne plus être cotées aux Etats-Unis afin d’éviter des litiges coûteux.
June 2010 | Volume 1, Issue 6June 30, 2010
Latin America-China trade & investment
Expo 2010 Shanghai:
Latin America’s Opportunity
O
n 1 May China welcomed the world as the host of the World Exposition (Expo) – officially named Expo 2010 Shanghai，China. Initially used as a way to showcase the powerful British Empire under Queen Victoria in 1851，the Expo now serves as a coming-of-age party for nations seeking to establish themselves as power players in the global economy. This year’s venue in Shanghai reflects the ever-increasing importance of Asia，and of China in particular.
June 16, 2010
Are Remittances to Latin America Recovering After the Global Crisis?
“ In Mexico, remittances are the second leading source of income,
behind only oil exports. — Sumeet H. Chugani & Ricardo Ortiz
May 2010 | Volume 1, Issue 5May 30, 2010
CHINA BUSINESS LAW JOURNAL Latin America-China trade & investment
China’s hunger for
Latin American agriculture
A once-stagnant Sino-Latin American business relationship has exploded with burgeoning Chinese imports of Latin America’s rich natural resources and agricultural commodities. What started out as just a flirtation between the two regions has transformed into a relationship which promises to fulfill China’s insatiable needs, with the potential for much more.
With Sino-Latin American trade reaching US$120 billion in 2009, Chinese president Hu Jintao’s earlier prediction of realizing US$100 billion by 2010 could in fact be tripled by this year. The recent signing of free trade agreements between China and several countries throughout Latin America illustrates the strong links between the two regions.
Volume XVII, No. 2May 15, 2010
Litigation – whether at the appellate or trial court level – is a zero-sum game. There is always a proverbial “winner” and “loser.” Of course, advocates always desire to be on
the winning side of the equation. In a final attempt to persuade the appellate court as to
the correctness of an advocate’s position, appellate counsel frequently file a motion for
rehearing or rehearing en banc.1 Aside from a bruised ego, there are other reasons for filing
a rehearing motion. Chief among them may be client relations. It is certainly easier to tell the client “I did everything possible, it just didn’t work out” after counsel has exhausted all remedies afforded by the Rules of Appellate Procedure. This may be especially true when the client is a fruitful source of work (think trial counsel).
Featured Q&A: Will Brazilian Banks Consider More Overseas Expansion? Comments by: Chad S. Purdie, associate attorney at Diaz, Reus & Targ LLP.
January 10, 2010
What Will 2010 Yield For Mexico's Banking Industry?
December 15, 2009
"Are Safeguards Intended to Prevent Money Laundering Working?"
September 17-30, 2009, September 30, 2009
September - October 2009, September 1, 2009
FEATURED Q&A: Are Latin American Attitudes Toward Foreign Banks Changing? Guest Comment: Carlos F.
August 5, 2009
FEATURED Q&A: Are Governments Making Progress in Fighting Money Launderers? Board Comment: Carlos F. Gonzalez.
July 8, 2009
Diaz Reus & Targ Partners With Brazil's Guimaraes & Vieira de Mello
July 8, 2009
An international force: the DIFC - LCIA Arbitration Centre
May 1, 2009
Legal Mind - Carlos Gonzalez and Arti Sangar present a guide to finding the right lawyer
April 1, 2009
LexisNexis Expert Commentaries - Research Solutions
March 1, 2008
by Michael Diaz, Jr. and Carlos F. Gonzalez - Published by the Washington Legal Foundation
November 24, 2007
English Version
July 23, 2007
ARTICLES IN THIS EDITION:
- Representing Foreign Nationals in Criminal Investigations
- International Arbitration Clauses: Providing for an Effective Dispute Resolution Process in Your International Commercial Transaction
- Pinochet Precedent (Torture) and the Elimination of Head of State Immunity
- Hiring Foreign Counsel: A Guide to Finding the Right Lawyer
- Remedies In Cases of Stolen Art: Vanished Masterpieces
- Visualizing Resolution: Videoconferencing for International Arbitration and Mediation
- The Real ID Act: Emergence of a National ID Card?
- DRRT Scores Another Important Win: Republic of Peru's Foreign Sovereign Immunity Defense Rejected
En Español
July 23, 2007
EN ESTA EDICION:
- Representación de Extranjeros en Investigaciones Penales
- Cláusulas de Arbitraje Internacional: Elementos para Procesos Efectivos de Resolucion de Disputas en Transacciones Comerciales Internacionales
- El Precedente de Pinochet (Tortura) y la Eliminación de la Inmunidad del Jefe del Estado
- Contratación de un Abogado Extrajero: Guía para Encontrar el Abogado Idóneo
- Reparaciones en Casos de Obras de Arte Robadas: Obras Maestras que se Esfumaron
- Visualización de la Resolución: Videoconferencias para el Arbitraje y la Mediación Internacionales
- La Ley "Real ID": ¿Una Tarjeta Nacional de Identidad en Ciernes?
- ¡¡¡Ultimo Momento!!! Diaz Reus Se Apunta Otro Triunfo Importante: Rechazo de la Defensa de la República de Perú de Inmunidad de la Soberanía Extranjera
普通□
July 23, 2007
本期内容
- 在刑事调查中代表外国国民
- 国际仲裁条款：为您的国际商业交易提供有效的争议解决程序
- 皮诺切特判决先例（酷刑罪）与解除国家元首豁免权
- 聘请外国律师：找对律师指南
- 被盗艺术品案件中的赔偿：消失的杰作
- 可视化解决方案：用于国际仲裁与调解的视频会议
- 真实身份法案：国民身份证即将推出吗
- 昀新消息！DRRT又赢得了一次重要胜利：秘鲁共和国的外国主权豁免法辩护遭到否决
Are anti-money laundering policies working in Latin America and the Caribbean? What more needs to be done?
July 16, 2007
Are anti-money laundering policies working in Latin America and the Caribbean? What more needs to be done?
July 10, 2007
What is the outlook for Venezuela's banking sector today?
February 6, 2007
En Español
October 26, 2006
EN ESTA EDICION:
- El Lavado de Activos: Una Guía Para los Profesionales de Propiedad Inmobiliaria y Administración de Bienes
- El Uso Emergente de Amparos Contra Litigios en los Tribunales Estadounidenses Para Inhibir los Procesos Extrajeros - Oportunidad de Orientación
- La Revolución de las Telecomunicaciones del TLC EEUU-CA-RD
- ¿El Comercio Libre de Aranceles con la China? Es Más Fácil de lo Que Usted Se Imagina
- El Requerimiento de Prudencia Financiera de la Ley del Patriota: ¿Se Están Sobrepasando los Estados Unidos?
- ¿Ofrece Suficiente Protección a las Figuras Públicas la Ley de Privacidad Vigente?
- ¡Ultimas Noticias! DRRT Marca Otro Hito: Los Litigantes Obtienen un Amparo Contra Litigios Para Canon Latin America, Inc.
- Noticias del Bufete
- El Programa de Vigilancia de Terroristas Seguridad Versus Libertad
- Sin Castro, Más Problemas: Un Vistazo Breve de las Disputas de Propiedad Cubanas
English Version
October 24, 2006
ARTICLES IN THIS EDITION:
- Money Laundering: A Guide for Real Estate and Estate Planning Professionals
- The Emerging Use of Anti Suit Injunctions in U.S. Courts to Halt Foreign Proceedings - Time for Guidance -
- CAFTA-DR Telecommunications Evolution
- Tariff Free Trade With China? It's Easier Than You Think
- The Patriot Act's Due Diligence Requirement: Is the United States Overreaching?
- Does the Current Privacy Law Provide Enough Protection to Public Figures?
- Breaking News!!! Diaz Reus Scores Win: Litigators Obtain Antisuit Injunction for Canon Latin America, Inc.
- The Firm's News
- The Terrorist Surveillance Program: Security Versus Freedom
- No Castro, More Problem: A Brief Look at Cuban Property Disputes