In a report to Congress seen by Reuters, the State Department named 10 people, all of whom have already been sanctioned, including Hong Kong executive director Carrie Lam, and said it would identify financial institutions that are conducting significant transactions with them within 60 days.
It was the most recent US reaction to China’s actions in Hong Kong, including the passage of a new national security law earlier this year, which Washington has labeled an unacceptable breach of China’s obligations to the former British colony “One Country, Two Systems”.
The US State Department’s report, required by the Hong Kong Autonomy Act, dates back to a time when relations between the US and China, the world’s two largest economies, reached their lowest point in the run-up to US President Donald Trump’s November 3 re-election offers have fallen over the past decades.
In August, Washington imposed sanctions on Lam and other senior security and political officials for saying they were restricting political liberties in cracking down on the territory’s pro-democracy movement.
The Foreign Ministry’s report on Wednesday did not add any new people to the list, nor did it name banks or other financial institutions at risk of sanctions.
The U.S. Hong Kong Autonomy Act, which Trump incorporated into law on July 14, asked the State Department to list the individuals responsible for Communist-ruled China’s failure to meet its obligations to Hong Kong within 90 days, making them liable for sanctions.
It also requires a list of all financial institutions that 60 days later knowingly conduct significant financial transactions with these individuals.
It enables the US president to impose sanctions on individuals as soon as they are named and calls for sanctions against financial institutions no later than one year after their appointment.
Senior US and UK politicians have criticized HSBC and Standard Chartered after banks backed China’s national security law for the territory.
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