Bill > HR3264

This bill requires two key reports from U.S. government agencies regarding Hong Kong's financial and trade practices. First, within 180 days, the Treasury Secretary must determine whether Hong Kong meets the criteria to be designated as a "jurisdiction of primary money laundering concern," which would trigger additional financial monitoring and potential penalties. Second, within 360 days, the Secretary of State (in coordination with the Treasury and Commerce Departments) must submit a comprehensive report examining Hong Kong's role in potentially facilitating illegal transactions. The report must specifically assess how financial institutions in Hong Kong might be helping to transfer products, technology, or money to countries like Russia and Iran in violation of U.S. export controls and sanctions. The report will also evaluate the impact of Hong Kong's National Security Law on financial institutions' ability to follow international anti-money laundering standards, and describe the level of cooperation between Hong Kong and U.S. authorities in enforcing export and sanctions regulations. The bill requires these reports to be submitted to key congressional committees in the Senate and House of Representatives, including the Foreign Relations, Foreign Affairs, Banking, and Financial Services committees.

Business and Industry

https://www.congress.gov/bill/119th-congress/house-bill/3264/all-info