No Evidence of Foreign Banks Working With Sanctioned HK Officials, Treasury Says
The Treasury Department said it has not found evidence of any foreign banks facilitating “significant transactions” for the Hong Kong officials sanctioned by the U.S. in August (see 2008070039), the agency said in a report released to Congress Dec. 11.…
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Treasury said it will “continue to monitor for any activity that meets these criteria” and will “engage foreign governments” and financial institutions “to ensure they understand the reporting requirements and sanctions risks under” the Hong Kong Autonomy Act (see 2007140068), the report said. The agency said it has had “constructive conversations” with “foreign counterparts across the globe” about complying with U.S. sanctions and has asked other governments to “communicate these requirements and risks to financial institutions within their respective jurisdictions.”