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Deterrence works, I guess: Hong Kong Autonomy Act Section 5(b) report

This is the report which identifies foreign financial institutions (FFIs) which have conducted “significant” transactions with the people identified in the previous Section 5(a) report (there were 10).

Feel free to read it – it’s only 2 pages long. But here’s the important part, at the end:

FOREIGN FINANCIAL INSTITUTIONS THAT KNOWINGLY CONDUCT A SIGNIFICANT TRANSACTION WITH FOREIGN PERSONS IDENTIFIED IN A SECTION 5(A) REPORT
At this time, Treasury has not identified any FFI that has knowingly conducted a significant transaction with a foreign person identified in the Section 5(a) Report submitted on October 14, 2020, after the date of the report’s issuance. Treasury will continue to monitor for any activity that meets these criteria. Treasury will also continue to engage foreign governments and FFIs to ensure they understand the reporting requirements and sanctions risks under the HKAA and other authorities, as well as any relevant public guidance OFAC has issued. As required by the Act, Treasury will update the Section 5(b) Report in an ongoing manner and intends to resubmit these updates with the annual report under section 301 of the United States-Hong Kong Policy Act of 1992 (22 U.S.C. 5731).

As the news has reported, Carrie Lam is being paid in cash because all the banks are shunning her – undoubtedly out of fear of being on this report which can draw secondary sanctions.

Link:

Hong Kong Autonomy Act Section 5(b) Report

Categories: Hong Kong Autonomy Act report Hong Kong-related sanctions OFAC Updates Regulatory Filing

eric9to5

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