Us Congress 2025-2026 Regular Session

Us Congress House Bill HB3264

Introduced

5/7/25

Refer

5/7/25

Caption

To require a determination and report relating to money laundering and violations of export controls and sanctions in Hong Kong.

Impact

In addition to the primary determination regarding money laundering, the bill requires a comprehensive report from the Secretary of State within 360 days, assessing the capability of U.S. and foreign financial institutions in Hong Kong to identify and mitigate transactions that contravene U.S. sanctions and export controls. This includes evaluating Hong Kong's role in facilitating the transfer of goods and technology to nations like Russia and Iran, and an analysis of how the National Security Law of Hong Kong influences adherence to global anti-money laundering standards. This could result in heightened regulatory demands for institutions operating in or with Hong Kong.

Summary

House Bill 3264 aims to address significant concerns related to money laundering and violations of export controls and sanctions in Hong Kong. The bill mandates the Secretary of the Treasury to determine, within 180 days of enactment, whether Hong Kong should be designated as a jurisdiction of primary money laundering concern. This designation would have considerable implications for the financial regulations that govern transactions involving Hong Kong and its financial institutions, potentially heightening scrutiny and compliance obligations.

Contention

The bill has stirred significant debate among lawmakers about the implications of such regulatory oversight. Supporters argue that the measures are essential for protecting U.S. interests and ensuring that Hong Kong does not continue to act as a conduit for illicit financial activities. However, critics raise concerns about the efficacy of such measures and whether they could further strain U.S.-China relations, as well as the potential ramifications for American businesses and financial institutions operating in the region.

Latest HB3264 Activity

Companion Bills

No companion bills found.

Previously Filed As

US HB6153

To provide for a review of sanctions with respect to Hong Kong.

US HB3244

Stop Fentanyl Money Laundering Act of 2023

US SB2336

Making Iran Sanctions Stick In Lieu of Expiration of Sanctions Act MISSILES Act

US HB8046

Rosatom Sanctions Enforcement Act

US SB5648

A bill to protect the national security of the United States by imposing sanctions with respect to certain persons of the People's Republic of China and prohibiting and requiring notifications with respect to certain investments by United States persons in the People's Republic of China, and for other purposes.

US SB2669

Digital Asset Anti-Money Laundering Act of 2023

US HB5532

Russia-North Korea Cooperation Sanctions Act

US HB3334

STOP CCP Act Sanctioning Tyrannical and Oppressive People within the Chinese Communist Party Act

US HB340

Hamas International Financing Prevention Act This bill imposes sanctions targeting Hamas, the Palestinian Islamic Jihad, and any affiliate or successor groups. The President must periodically report to Congress a list of each foreign person (individual or entity) that knowingly provides significant support or services to or is involved in a significant transaction with a senior member or supporter of the targeted groups. The President must impose two or more sanctions on the named persons. Specifically, the person may be (1) denied credit and services from the Export-Import Bank, (2) barred from purchasing certain controlled defense articles, (3) denied exports of items on the U.S. Munitions List, (4) prevented from receiving exports of certain goods or technology controlled for national security reasons, (5) prohibited from receiving financing of more than $10 million from any U.S. financial institution, or (6) subject to property-blocking restrictions. The President must periodically report to Congress a list of foreign governments that have repeatedly provided material support for the targeted groups' terrorist activities. The President shall bar these governments from receiving for one year (1) U.S. assistance, or (2) exports of controlled munitions. The Department of the Treasury must instruct U.S. leadership of international financial institutions to oppose providing assistance to an identified government for one year. The bill provides for certain exceptions and waivers, such as for transactions that would serve U.S. national interests. The President must report to Congress and periodically provide briefings on other specified topics related to the targeted groups, such as where these groups secure financing and surveillance equipment.

US SB3166

Hamas Sanctions Act of 2023

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