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Hong Kong National Security Law | What are the consequences of 11 Chinese and Hong Kong officials being sanctioned by the US? Prohibition of money and services

2020-08-07T15:19:26.098Z

The US Treasury Department announced today (7th) that 11 Chinese and Hong Kong officials, including Chief Executive Carrie Lam Cheng Yuet-ngor, will be sanctioned, and the reasons for the sanctions will be detailed. All private property and interests of the sanctioned persons in the United States, as well as joint venture property and interests in the United States or controlled by Americans that directly or indirectly hold 50% or more of the shares, must be declared to OFAC (Office of Foreign Assets Control of the Ministry of Treasury) . Unless OFAC issues an exemption, Americans are prohibited from processing the asset transactions of the above-mentioned sanctioned persons in the United States. It is prohibited to provide or receive services, funds or commodities to the sanctioned persons and their interests. In short, it prohibits Americans and companies from having any money, services, and products dealings with the assets, companies, or individuals of the sanctioned persons in the United States. U.S. Treasury Secretary Mnuchin stated that the United States will stand with Hong Kong people and will use their tools and authority to combat those who undermine Hong Kong’s autonomy.



Political situation

Written by: Zhai Ruimin

2020-08-07 23:09

Last update date: 2020-08-07 23:14

The US Treasury Department announced today (7th) that 11 Chinese and Hong Kong officials, including Chief Executive Carrie Lam Cheng Yuet-ngor, will be sanctioned, and the reasons for the sanctions will be detailed. All private property and interests of the sanctioned persons in the United States, as well as joint venture property and interests in the United States or controlled by Americans that directly or indirectly hold 50% or more of the shares, must be declared to OFAC (Office of Foreign Assets Control of the Ministry of Treasury) . Unless OFAC issues an exemption, Americans are prohibited from processing the asset transactions of the above-mentioned sanctioned persons in the United States. It is prohibited to provide or receive services, funds or commodities to the sanctioned persons and their interests. In short, it prohibits Americans and companies from having any money, services, and products dealings with the assets, companies, or individuals of the sanctioned persons in the United States.

U.S. Treasury Secretary Mnuchin stated that the United States will stand with Hong Kong people and will use their tools and authority to combat those who undermine Hong Kong’s autonomy.

The sanctions list includes:

Chief Executive Lam Cheng Yuet-ngor, Chief Executive's Office and Secretary-General of the National Security Commission Chen Guoji, Secretary for Justice Zheng Ruohua, Secretary for Security Li Jiachao, Secretary for Constitutional and Mainland Affairs Zeng Guowei, Director of Police Deng Bingqiang, former Director of Police Lu Weicong, Liaison Office Director Luo Huining, Director of Hong Kong and Macau Affairs Office Xia Baolong, Deputy Director of Hong Kong and Macau Affairs Office Zhang Xiaoming, and Director of National Security Administration Zheng Yanxiong.

The United States announced sanctions on 11 Chinese and Hong Kong officials including Carrie Lam, Zheng Ruohua, Luo Huining and others

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Hong Kong version of the National Security Law

Source: hk1

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