London Daily

Focus on the big picture.
Thursday, Jul 10, 2025

U.S. issues sanctions warning to banks over Hong Kong crackdown

U.S. issues sanctions warning to banks over Hong Kong crackdown

The U.S. warned financial institutions doing business with individuals deemed responsible for China’s crackdown in Hong Kong that they could soon face tough sanctions.
In a report to Congress, the State Department named 10 people, including Hong Kong’s chief executive Carrie Lam, all of whom have already been sanctioned, and said within 60 days it would identify financial institutions that conduct significant transactions with them.

It was the latest U.S. response to China’s actions in Hong Kong, including enactment of a new national security law this year that Washington has called an unacceptable breach of China’s “one country, two systems” commitments toward the former British colony.

The State Department report, required under the Hong Kong Autonomy Act, comes at a time when relations between the United States and China, the world’s two biggest economies, have plunged to the lowest point in decades in the run-up to President Donald Trump’s Nov. 3 re-election bid.

In August, Washington put sanctions on Lam, the territory’s current and former police chiefs and other top officials for what Washington says is their role in curtailing freedoms in a crackdown on the territory’s pro-democracy movement.

Wednesday’s State Department document did not add any new individuals to the list nor did it name any banks or other financial institutions that might be at risk for penalties.

But the report put the firms on notice that they could be subject to so-called secondary sanctions, including restrictions on U.S. loans, foreign exchange, property transactions, exports and transfers, in addition to measures against their executives.

Senior British and U.S. politicians have recently criticized HSBC and Standard Chartered after the banks backed China’s national security law for the territory.

“The release of this report underscores our ongoing objection to Beijing’s actions that are intentionally designed to erode the freedoms of the people of Hong Kong and impose the CCP’s oppressive policies,” State Department spokeswoman Morgan Ortagus said in a statement.

The U.S. Hong Kong Autonomy Act that Trump signed into law on July 14, required the State Department to list those people deemed responsible for communist-ruled China’s failure to meet its obligations toward Hong Kong within 90 days and which makes them liable for sanctions.

It also requires a list of any financial institutions that knowingly conduct significant financial transactions with such persons no more than 60 days after that.

It allows the U.S. president to impose sanctions on individuals as soon as they are named and calls for sanctions on the financial institutions no later than a year after they are identified.
Newsletter

Related Articles

0:00
0:00
Close
Severe Heatwave Claims 2,300 Lives Across Europe
NVIDIA Achieves Historic Milestone as First Company Valued at $4 Trillion
Declining Beer Consumption Signals Cultural Shift in Germany
Linda Yaccarino Steps Down as CEO of X After Two Years
US Imposes New Tariffs on Brazilian Exports Amid Political Tensions
Azerbaijan and Armenia are on the brink of a historic peace deal.
Emails Leaked: How Passenger Luggage Became a Side Income for Airport Workers
Polish MEP: “Dear Leftists - China is laughing at you, Russia is laughing, India is laughing”
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Weinstein Victim’s Lawyer Says MeToo Movement Still Strong
U.S. Enacts Sweeping Tax and Spending Legislation Amid Trade Policy Shifts
Football Mourns as Diogo Jota and Brother André Silva Laid to Rest in Portugal
Labour Expected to Withdraw Support for Special Needs Funding Model
Leaked Audio Reveals Tory Aide Defending DEI Record
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
London Stock Exchange Faces Historic Low in Initial Public Offerings
A new online platform has emerged in the United Kingdom, specifically targeting Muslim men seeking virgin brides
Trump Celebrates Independence Day with B-2 Flyover and Signs Controversial Legislation
Boris Johnson Urges Conservatives to Ignore Farage
SNP Ordered to Update Single-Sex Space Guidance Within Days
Starmer Set to Reject Calls for Wealth Taxes
Stolen Century-Old Rolls-Royce Recovered After Hotel Theft
Macron Presses Starmer to Recognise Palestinian State
Labour Delayed Palestine Action Ban Over Riot Concerns
Swinney’s Tax Comments ‘Offensive to Scots’, Say Tories
High Street Retailers to Enforce Bans on Serial Shoplifters
Music Banned by Henry VIII to Be Performed After 500 Years
Steve Coogan Says Working Class Is Being ‘Ethnically Cleansed’
Home Office Admits Uncertainty Over Visa Overstayer Numbers
JD Vance Questions Mandelson Over Reform Party’s Rising Popularity
Macron to Receive Windsor Carriage Ride in Royal Gesture
Labour Accused of ‘Hammering’ Scots During First Year in Power
BBC Head of Music Stood Down Amid Bob Vylan Controversy
Corbyn Eyes Hard-Left Challenge to Starmer’s Leadership
London Tube Trains Suspended After Major Fire Erupts Nearby
Richard Kemp: I Felt Safer in Israel Under Attack Than in the UK
Cyclist Says Police Cited Human Rights Act for Riding No-Handed
China’s Central Bank Consults European Peers on Low-Rate Strategies
AI Raises Alarms Over Long-Term Job Security
Saudi Arabia Maintains Ties with Iran Despite Israel Conflict
Musk Battles to Protect Tesla Amid Trump Policy Threats
Air France-KLM Acquires Majority Stake in Scandinavian Airlines
UK Educators Sound Alarm on Declining Child Literacy
Shein Fined €40 Million in France Over Misleading Discounts
Brazil’s Lula Visits Kirchner During Argentina House Arrest
Trump Scores Legislative Win as House Passes Tax Reform Bill
Keir Starmer Faces Criticism After Rocky First Year in Power
DJI Launches Heavy-Duty Coaxial Quadcopter with 80 kg Lift Capacity
U.S. Senate Approves Major Legislation Dubbed the 'Big Beautiful Bill'
Largest Healthcare Fraud Takedown in U.S. History Announced by DOJ
×