Bill > S1339

This bill requires the U.S. Secretary of the Treasury to conduct a comprehensive investigation into Hong Kong's potential role in money laundering within 180 days of the act's enactment. Specifically, the Treasury must determine whether there are reasonable grounds to designate Hong Kong as a "jurisdiction of primary money laundering concern," which could trigger significant financial restrictions. Additionally, the bill mandates a detailed report from the Secretary of State (in coordination with Treasury and Commerce Departments) within 360 days, examining how financial institutions in Hong Kong might be facilitating illegal transactions that violate U.S. export controls and sanctions, particularly involving countries like Russia and Iran. The report must evaluate Hong Kong's role in potentially transferring products, technologies, and funds to U.S. adversaries, assess how recent Chinese national security laws might impede international financial transparency standards, and describe the cooperation between Hong Kong and U.S. authorities in enforcing export and sanctions regulations. The reports will be submitted to key congressional committees in the Senate and House, including those focused on foreign relations, banking, and foreign affairs, to provide comprehensive insight into potential financial misconduct.

Housing and Urban Affairs

https://www.congress.gov/bill/119th-congress/senate-bill/1339/all-info