Hong Kong and Money Laundering: What's Changing?

Lawmakers in the US are raising concerns about Hong Kong becoming a hub for financial crimes like money laundering. They think this change started happening after Beijing introduced a new law in 2020. Now, Hong Kong might be helping countries like Russia, Iran, and North Korea avoid international rules. US leaders are questioning the close business relationship between the two countries. In 2020, the US stopped treating Hong Kong as a special place under the law to punish China for its new rules. Since then, some Hong Kong companies have faced US sanctions for helping Russia avoid rules about important goods. Hong Kong officials say they don't have to follow other countries' rules. Research shows that many goods sent from Hong Kong to Russia are important for making weapons like missiles. US lawmakers want to know more about American banks and Hong Kong banks. They also want to know what the US Treasury plans to do about these concerns. Some people think that if Joe Biden gets re-elected, there might be more problems for US businesses in Hong Kong. One expert says that the idea of Hong Kong being separate from China is no longer true. US companies need to be ready for more checks on their Hong Kong operations.