Hong Kong CNN —Hong Kong has become a center for money laundering and sanctions evasion under the tightening grip of Beijing, US lawmakers have warned, calling for a re-evaluation of America’s close business relationship with the Asian financial hub.
“We must now question whether longstanding US policy towards Hong Kong, particularly towards its financial and banking sector, is appropriate,” they added.
Rubio, a fierce critic of Beijing’s crackdown on Hong Kong, has sponsored legislation that sanctioned Chinese and Hong Kong officials for alleged human rights violations in the city.
This has massive implications for US businesses with big exposure to Hong Kong,” Fish said.
“Sadly, the idea of Hong Kong as autonomous from China is now a farce … US companies need to understand that their Hong Kong operations will likely fall under increased scrutiny.”
Persons:
Janet Yellen, ”, “, Donald Trump, Hong Kong, John Moolenaar, Raja Krishnamoorthi, Trump, Marco Rubio, Rubio, Scott Bessent, Isaac Stone Fish, Bessent –, ” Fish
Organizations:
Hong Kong CNN, CNN, US Treasury Department, Hong, European Union, Treasury Department, Republican Rep, White, US
Locations:
Hong Kong, Beijing, China, Washington, Hong, Russia, North Korea, People’s Republic of China, Iran, Ukraine, Russian, United Kingdom