To require a determination and report relating to money laundering and violations of export controls and sanctions in Hong Kong.

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3264 Introduced in House (IH)]

<DOC>






119th CONGRESS
  1st Session
                                H. R. 3264

To require a determination and report relating to money laundering and 
       violations of export controls and sanctions in Hong Kong.


_______________________________________________________________________


                    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>