“A bill to require a determination and report relating to money laundering and violations of export controls and sanctions in Hong Kong.”
No CRS summary available for this bill.
This section directs the Secretary of the Treasury, not later than 180 days after enactment, to submit to the appropriate congressional committees a determination, with detailed justification, on whether reasonable grounds exist for designating Hong Kong as a jurisdiction of primary money laundering concern under Section 5318A (i.e., authorizing the imposition of special measures such as enhanced recordkeeping, information reporting, or restrictions on correspondent accounts with foreign banks). The section further directs the Secretary of State, in coordination with the Secretaries of the Treasury and Commerce and not later than 360 days after enactment, to submit to the same committees a report assessing (A) Hong Kong's role in facilitating transfers of products, technology, and funds to the Russian Federation, Iran, China mainland, and other adversaries in violation of U.S. export controls and sanctions; (B) the impact of China's 2020 National Security Law and Hong Kong's January 2024 Safeguarding National Security Ordinance on financial institutions' adherence to anti-money laundering and know-your-customer standards; and (C) cooperation between Hong Kong and U.S. authorities on export controls and sanctions enforcement. "Appropriate congressional committees" are defined as the Senate Committees on Foreign Relations and Banking, Housing, and Urban Affairs; and the House Committees on Foreign Affairs and Financial Services.