US lawmakers ask Treasury Secretary to review Hong Kong’s banking ties due to financial crime concerns.

US lawmakers have requested Treasury Secretary Janet Yellen to reassess the U.S.'s relationship with Hong Kong's banking sector due to concerns over increased financial crime and sanctions evasion. They claim Hong Kong is now a key player in an authoritarian axis involving China, Iran, Russia, and North Korea, and cite evidence of technology exports to Russia and front companies buying Iranian oil. The lawmakers argue that Hong Kong has shifted from a trusted financial center to a hub for financial crimes and violations of U.S. trade controls.

November 25, 2024
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