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US HB3264
Bill
Status
5/7/2025
Primary Sponsor
Joe Wilson
Click for details
AI Summary
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Secretary of the Treasury must determine within 180 days whether Hong Kong should be designated as a jurisdiction of primary money laundering concern under 31 U.S.C. § 5318A
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Secretary of State must submit a report within 360 days assessing the ability of U.S. and foreign financial institutions in Hong Kong to identify and prevent transactions that violate U.S. export controls and sanctions
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Report must evaluate Hong Kong's role in facilitating illegal transfers of products, technology, and money to Russia, Iran, mainland China, and other U.S. adversaries
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Report must assess whether Hong Kong's National Security Law has limited financial institutions' ability to follow global anti-money laundering and know-your-customer standards
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Reports go to Senate Foreign Relations and Banking Committees and House Foreign Affairs and Financial Services Committees
Legislative Description
To require a determination and report relating to money laundering and violations of export controls and sanctions in Hong Kong.
International affairs
Last Action
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.
5/7/2025