Instant International
Written by: Hong Yilin
2020-12-12 09:22
Last update date: 2020-12-12 09:25
The United States imposed sanctions on Hong Kong Chief Executive Carrie Lam and other Chinese and Hong Kong officials in response to the "Hong Kong National Security Act" taking effect.
The Ministry of Finance stated on December 11 that since October 14 it has not found any overseas financial institutions deliberately conducting major transactions with relevant sanctioned persons.
The Ministry of Finance stated that it will continue to monitor the situation to ensure that financial institutions comply with the standards, and continue to lobby other governments and international financial institutions to follow relevant measures.
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List of U.S. sanctions against Chinese and Hong Kong officials and reasons
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The U.S. State Department formally issued a warning to international financial institutions on October 14, requiring them not to have business dealings with sanctioned persons, otherwise they may face secondary sanctions.
The State Council’s report to the Congress lists the 10 sanctioned persons, and refers to financial institutions that will identify major transactions with sanctioned persons within 60 days.
According to this report, the Ministry of Finance must evaluate this.
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Hong Kong version of the National Security Act and US sanctions
