Common use of Financial Recordkeeping Clause in Contracts

Financial Recordkeeping. The operations of each Target have been conducted at all times in compliance with applicable financial record keeping and reporting requirements and money laundering statutes of the BVI and the PRC, as applicable and, to Shareholder’s knowledge, all other jurisdictions to which each Target is subject, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any applicable governmental agency (collectively, the “Money Laundering Laws”) and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving either Target with respect to the Money Laundering Laws is pending or, to the knowledge of Shareholder, threatened.