Foreign financial institutions conducting business with sanctioned individuals will be sanctioned: State Department

In a significant development, the United States has named five already-sanctioned Chinese officials who have allegedly contributed to undermining Hong Kong’s democracy; it has also issued a warning to financial institutions that conducting business with these officials would lead to sanctions.

A report by the US State Department to the US Congress has named the 5 Chinese indivuals – He Jing, Chen Dong, Yin Zonghua, Lu Xinning, and Tan Tienui. All 5 are deputy directors at China’s Hong Kong liaison office.

With this, the number of Chinese officials who have been sanctioned by the United States under the U.S. Hong Kong Autonomy Act comes to 39.

“Foreign financial institutions that knowingly conduct significant transactions with the individuals listed in today’s report are subject to sanctions,” said the State Department as it released an updated report to Congress required under the act.

The report underscored “deep concerns about Beijing’s clear efforts to deprive Hong Kongers of a meaningful voice” in the December 19 Legislative Council elections.

So far, the Washington has yet to sanctioned any foreign financial institution for doing business with those named in accordance with the Hong Kong act, which became law last year. The five individuals named on Monday were among seven Chinese official sanctioned in July over China’s crackdown on democracy in Hong Kong.

Categories: Creativity, Economy & Finance, Entrepreneurship, HR & Organization, Regulations & Legal, Strategy

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