The article by Gavin Hinks, in The Treasurer in September 2012, gives several important tips about how to free your cash:

• metrics: first get the full picture, e.g. what level of constraint, before deciding cash is trapped
• processes: beware the local offices who don't understand the local regulations to release the cash and just say it is trapped
• dividends: for many companies, the main route for managing revenues is to send them via dividend payments. Some countries allow only a single dividend yearly. One way to tackle this is to manage the business through multiple entities, each with different year ends. Payments can then be staggered.
• use dollar accounts which may be less restricted than local currencies
• recycle cash by using 'entrusted loan' schemes in China, etc.

He then asks 'But is cash really trapped?' Most cash, he believes, is restricted or inaccessible rather than trapped. Moreover, there are often ways to use the cash locally.

Much more in full article - recommended - here.