US lawmakers urged the government Monday to rethink banking ties with Hong Kong, citing its "increasing role" in money laundering, sanctions evasions and reported funneling of banned technology to Russia.
Since Beijing imposed a sweeping national security law on the semi-autonomous Chinese city in 2020, "Hong Kong has shifted from a trusted global financial center to a critical player in the deepening authoritarian axis of the People's Republic of China (PRC), Iran, Russia, and North Korea," the US Select Committee on the Chinese Communist Party said in a letter to Treasury Secretary Janet Yellen.
