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

This bill tells U.S. agencies to check how money and goods move through Hong Kong and whether they help people dodge U.S. rules. It requires the Treasury Department to decide within 6 months if Hong Kong should be labeled a “primary money laundering concern,” and to explain that decision to Congress. It also orders a 1-year report from the State, Treasury, and Commerce Departments on how well banks in Hong Kong can spot and stop deals that illegally send products, technology, or money to places like Russia and Iran in violation of U.S. export controls and sanctions. The report must also say whether Hong Kong’s National Security Law makes it harder for banks to follow anti–money laundering and “know your customer” rules, and how well Hong Kong works with U.S. authorities on these issues.

What this means for people and businesses:

• Who is affected: U.S. agencies, banks operating in Hong Kong, and companies involved in cross-border trade and finance linked to Hong Kong.
• What changes: New deadlines for a Treasury decision on Hong Kong’s money-laundering risk and a detailed report on sanction and export-control evasion risks tied to Hong Kong.
• When: Treasury decision due within 180 days of enactment; the multi-agency report due within 360 days of enactment.