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To require a determination and report relating to money laundering and violations of export controls and sanctions in Hong Kong.
To require a determination and report relating to money laundering and violations of export controls and sanctions in Hong Kong.
Summary
This bill requires the Treasury Department to determine whether Hong Kong should be designated as a jurisdiction of primary money laundering concern and submit that determination to Congress within 180 days. It also requires the State Department, in coordination with Treasury and Commerce, to submit a report to Congress within one year assessing Hong Kong's role in facilitating violations of U.S. export controls and sanctions, particularly regarding transfers of goods and technology to Russia, Iran, and other countries. The report must evaluate the extent of Hong Kong's involvement in such violations, assess whether Hong Kong's National Security Law has hindered financial institutions' compliance with anti-money laundering standards, and describe the level of cooperation between Hong Kong and U.S. authorities in enforcing export control and sanctions laws.
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Sponsor (1)
- Rep. Wilson, Joe [R-SC-2] (R-SC)
3 cosponsors
Actions (2)
- May 7, 2025 Referred to the Committee on Financial Services, and in addition to the Committee on Foreign Affairs, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. · house
- May 7, 2025 Introduced in House
Similar bills (6)
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Text versions (1)
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Full text
IN THE HOUSE OF REPRESENTATIVES
May 7, 2025
Mr. Wilson of South Carolina (for himself and Mr. Panetta) introduced the following bill; which was referred to the Committee on Financial Services, and in addition to the Committee on Foreign Affairs, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned
A BILL
To require a determination and report relating to money laundering and violations of export controls and sanctions in Hong Kong.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. MEASURES TO ADDRESS MONEY LAUNDERING AND EXPORT CONTROL AND SANCTIONS VIOLATIONS IN HONG KONG.
(a) Determination With Respect to Money Laundering.—Not later than 180 days after the date of the enactment of this Act, the Secretary of the Treasury shall submit to the appropriate congressional committees a determination, including a detailed justification, of whether reasonable grounds exist for concluding that the Hong Kong Special Administrative Region of the People’s Republic of China should be designated as a jurisdiction of primary money laundering concern under section 5318A of title 31, United States Code.
(b) Report on Role of Hong Kong in Export Control and Sanctions Violations.—
(1) In general.—Not later than 360 days after the date of the enactment of this Act, the Secretary of State, in coordination with the Secretary of the Treasury and the Secretary of Commerce, shall submit to the appropriate congressional committees a report assessing the ability of United States and foreign financial institutions operating in Hong Kong to identify and prevent transactions that facilitate the transfer of products, technology, and money to the Russian Federation, Iran, and other countries and entities in violation of export controls and sanctions imposed by the United States.
(2) Elements.—The report required by paragraph (1) include—
(A) an evaluation of the extent of the role of Hong Kong in facilitating the transfer of products and technologies to the Russian Federation, Iran, other countries that are adversaries of the United States, and the mainland of the People’s Republic of China, in violation of export controls imposed by the United States;
(B) an evaluation of the role of Hong Kong in facilitating trade and financial transactions that violate sanctions imposed by the United States on the Russian Federation, Iran, and other countries and entities;
(C) an assessment of whether the National Security Law of Hong Kong has limited the ability of financial institutions to adhere to global standards for anti- money laundering and know-your-customer procedures; and
(D) a description of the level of co-operation between Hong Kong and United States authorities in enforcing export control and sanctions regimes.
(c) Appropriate Congressional Committees Defined.—In this section, the term “appropriate congressional committees” means—
(1) the Committee on Foreign Relations and the Committee on Banking, Housing, and Urban Affairs of the Senate; and
(2) the Committee on Foreign Affairs and the Committee on Financial Services of the House of Representatives. <all>
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