In a report to Congress, the Treasury said it has not identified any foreign FIs that “knowingly” conducted significant transactions with the ten individuals sanctioned in October.

The Treasury Department has submitted a report to Congress pursuant to section 5(b) of the Hong Kong Autonomy Act, which was meant to identify foreign financial institutions exposed to sanctions risk.

The report follows a US Department of State report in October which named ten individuals – including Hong Kong Chief Executive – whose actions it says have undermined freedoms of assembly, speech, press, the rule of law, or the autonomy of Hong Kong.

At the time, the State Department said another report would be issued within 60 days identifying and threatening secondary sanctions against financial institutions that conduct “significant transactions” with the ten named individuals.

The report, issued on Friday (11 December), says the Treasury Department’s efforts to investigate have not yielded any information on foreign financial institutions (FFI) that “knowingly” conducted significant transactions with any of the ten named individuals.

The Treasury Department said it will continue to monitor for any such activity and continue to engage foreign governments and FFIs to
ensure they understand the reporting requirements and sanctions risks under the Hong Kong Autonomy Act.

The report is available here.


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