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NEWS: Hong Kong now hub for financial crime and sanctions evasion, US Congress committee finds

Premium November 25, 2024

PHOTO: File photo shows general night view of Hong Kong skyline across the Victoria Harbour from West Kowloon.

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NEWS: US firms again have to submit beneficial ownership information, FinCEN extends filing deadline 

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NEWS: Broker Aarna Capital fined $500K by Abu Dhabi FS authority for violating AML laws

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NEWS: Bank of America hit with cease and desist order over ‘unsafe or unsound’ AML measures

By Pretish M J in Bengaluru and Michael Martina

LAWMAKERS in the U.S. House of Representatives have asked Treasury Secretary Janet Yellen to rethink ties with Hong Kong’s banking sector, saying the city has become a top location for money laundering and sanctions evasion.

Hong Kong has turned into a hub for many violations of U.S. trade controls, including export of controlled Western technology to Russia and the creation of front companies to buy Iranian oil, the bipartisan leaders of the House of Representatives Select Committee on the Chinese Communist Party said in a letter to Yellen.

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NEWS: US firms again have to submit beneficial ownership information, FinCEN extends filing deadline 

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NEWS: Broker Aarna Capital fined $500K by Abu Dhabi FS authority for violating AML laws

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NEWS: Bank of America hit with cease and desist order over ‘unsafe or unsound’ AML measures

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