The US State Department has told international financial institutions they could face sanctions for doing business with people involved in the Chinese crackdown on protesters in Hong Kong.
The United States Department of State officially warned international financial institutions doing business with those held responsible for China’s crackdown in Hong Kong on Wednesday that they may soon face sanctions.
In a report to Congress seen by Reuters, the State Department named 10 people who have all been sanctioned, including Hong Kong chief executive Carrie Lam, and said within 60 days it would identify the institutions financial institutions that carry out significant transactions with them.
It was the latest US response to China’s actions in Hong Kong, including the enactment of a new national security law this year that Washington called an unacceptable breach by China, one country, two commitments. systemic towards the former British colony.
The State Department report, required under the Hong Kong Autonomy Act, comes at a time when relations between the United States and China, the world’s two largest economies, have plunged to the most down for decades as US President Donald Trumps approached in November 3 re-election offer.
In August, Washington imposed sanctions on Lam and other senior political and security officials for what Washington sees as their role in restricting political freedoms in a crackdown on the territory’s pro-democracy movement.
Wednesday’s State Department report does not add any new people to the list or name any banks or other financial institutions that may be exposed to sanctions.
The US Hong Kong Autonomy Law that Trump enacted on July 14 required the State Department to list those held responsible for failure by Communist-ruled China to meet its obligations to Hong Kong within 90 days, which makes them liable to sanctions.
It also requires a list of all financial institutions that knowingly enter into significant financial transactions with these individuals 60 days later.
It allows the US president to impose sanctions on individuals upon appointment and calls for sanctions on financial institutions no later than one year after their appointment.
Senior US and UK politicians have slammed HSBC and Standard Chartered after banks backed China’s national security law for the territory.
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