Lawmakers in the US House of Representatives have asked Treasury Secretary Janet Yellen to rethink ties with Hong Kong’s banking sector, saying the city has become a top location for money laundering and sanctions evasion.
Hong Kong has turned into a hub for many violations of US trade controls, including export of controlled Western technology to Russia and the creation of front companies to buy Iranian oil, the bipartisan leaders of the House of Representatives Select Committee on the Chinese Communist Party said in a letter to Yellen.
02:22
US Treasury chief Janet Yellen leaves China after ‘difficult conversations’, overcapacity gripes
US Treasury chief Janet Yellen leaves China after ‘difficult conversations’, overcapacity gripes
“We must now question whether long-standing US policy towards Hong Kong, particularly towards its financial and banking sector, is appropriate,” a copy of the letter seen by Reuters said.
The US Treasury Department did not immediately respond to Reuters’ requests for comments. Hong Kong’s trade office in New York could not be immediately reached for comment.
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