WATCH FOR BANKS AND INDIVIDUALS SANCTIONED UNDER THE HONG KONG AUTONOMY ACT

The United States Senate has passed the Hong Kong Autonomy Act, which allows the government to impose sanctions upon banks that do business with Chinese officials who have implemented China's  new Draconian National Security Law. The US President is expeced to sign the bill into law.

The crimes listed:
(1) Secession
(2) Subversion
(3) Terrorism
(4) Collusion with Foreign Forces.

It allows Chinese security agencies to extradite Hong Kongers to the Mainland for trial, for the first time. You should expect that a number of Chinese leaders will be named, and you may already be banking one or more of them. If your client base includes Chinese PEPs, you will watn to follow the progress of the law closely. Banks that assist the PEPs will also be subject to sanctions.