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US lawmakers say Hong Kong is becoming hub for financial crime

  • US lawmakers claim Hong Kong is becoming a hub for money laundering and helping authoritarian countries evade sanctions, requesting a re-evaluation of the Department of the Treasury's approach to Hong Kong banks.
  • Lawmakers noted that since the national security law in 2020, "Hong Kong has shifted from a trusted global financial center to a critical player in the deepening authoritarian axis of the People’s Republic of China, Iran, Russia, and North Korea."
  • A bipartisan coalition of US lawmakers emphasized the need for Washington to scrutinize Hong Kong's financial sector, which significantly contributes to its economy and includes many US banks.
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