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Another day, another Hong Kong Autonomy Act Section 5(b) report… and still no identified FFIs

Report Pursuant to Section 5(b) of the Hong Kong Autonomy Act

Release date05/18/2021Body

The Treasury Department has submitted a report to Congress pursuant to section 5(b) of the Hong Kong Autonomy Act.

And here is the part of the report we care about:

As of May 1, 2021, 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 and the update thereto submitted on March 16, 2021 after their respective submission dates. Treasury will continue to monitor for any activity that meets these criteria. Treasury will also continue to engage foreign governments and FFIs to help 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 continue to update the Section 5(b) Report and intends to resubmit these updates as appropriate.

Guess, as a deterrent, it’s working, huh?

Links:

OFAC Notice

Section 5(b) report

Categories: Hong Kong Autonomy Act reports Hong Kong-related sanctions US Treasury Department Updates

eric9to5

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