[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. 1339 Introduced in Senate (IS)]
<DOC>
119th CONGRESS
1st Session
S. 1339
To require a determination and report relating to money laundering and
violations of export controls and sanctions in Hong Kong.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
April 8, 2025
Mr. Curtis (for himself and Mr. Merkley) introduced the following bill;
which was read twice and referred to the Committee on Banking, Housing,
and Urban Affairs
_______________________________________________________________________
A BILL
To require a determination and report relating to money laundering and
violations of export controls and sanctions in Hong Kong.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Stop Corrupt Communist Party Money
Laundering Act of 2025'' or the ``Stop CCP Money Laundering Act of
2025''.
SEC. 2. MEASURES TO ADDRESS MONEY LAUNDERING AND EXPORT CONTROL AND
SANCTIONS VIOLATIONS IN HONG KONG.
(a) Determination With Respect to Money Laundering.--Not later than
180 days after the date of the enactment of this Act, the Secretary of
the Treasury shall submit to the appropriate congressional committees a
determination, including a detailed justification, of whether
reasonable grounds exist for designating the Hong Kong Special
Administrative Region of the People's Republic of China as a
jurisdiction of primary money laundering concern under section 5318A of
title 31, United States Code.
(b) Report on Role of Hong Kong in Export Control and Sanctions
Violations.--
(1) In general.--Not later than 360 days after the date of
the enactment of this Act, the Secretary of State, in
coordination with the Secretary of the Treasury and the
Secretary of Commerce, shall submit to the appropriate
congressional committees a report assessing the ability of
United States and foreign financial institutions operating in
Hong Kong to identify and prevent transactions that facilitate
the transfer of products, technology, and money to the Russian
Federation, Iran, and other countries and entities in violation
of export controls and sanctions imposed by the United States.
(2) Elements.--The report required by paragraph (1) shall
include--
(A) an evaluation of the extent of the role of Hong
Kong as an international financial and trading center
in facilitating, knowingly or unknowingly--
(i) the transfer of products and
technologies to adversaries of the United
States, including the Russian Federation, Iran,
the mainland of the People's Republic of China,
and other countries in violation of export
controls imposed by the United States; and
(ii) trade and financial transactions that
violate sanctions imposed by the United States
on the Russian Federation, Iran, and other
countries and entities;
(B) an assessment of whether the People's Republic
of China's 2020 National Security Law and the January
2024 Safeguarding National Security Ordinance of Hong
Kong have limited the ability of financial institutions
operating in Hong Kong to adhere to global standards
for anti-money laundering and know-your-customer
procedures; and
(C) a description of cooperation between Hong Kong
and United States authorities in enforcing export
control and sanctions regimes, including any challenges
to such cooperation.
(c) Appropriate Congressional Committees Defined.--In this section,
the term ``appropriate congressional committees'' means--
(1) the Committee on Foreign Relations and the Committee on
Banking, Housing, and Urban Affairs of the Senate; and
(2) the Committee on Foreign Affairs and the Committee on
Financial Services of the House of Representatives.
<all>