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

Not later than 180 days after the date of the enactment of this Act, the Secretary of the Treasury shall submit to the appropriate congressional committees a determination, including a detailed justification, of whether reasonable grounds exist for concluding that the Hong Kong Special Administrative Region of the People’s Republic of China should be designated as a jurisdiction of primary money laundering concern under section 5318A of title 31, United States Code.

Not later than 360 days after the date of the enactment of this Act, the Secretary of State, in coordination with the Secretary of the Treasury and the Secretary of Commerce, shall submit to the appropriate congressional committees a report assessing the ability of United States and foreign financial institutions operating in Hong Kong to identify and prevent transactions that facilitate the transfer of products, technology, and money to the Russian Federation, Iran, and other countries and entities in violation of export controls and sanctions imposed by the United States.

The report required by paragraph (1) include—

(A) an evaluation of the extent of the role of Hong Kong in facilitating the transfer of products and technologies to the Russian Federation, Iran, other countries that are adversaries of the United States, and the mainland of the People’s Republic of China, in violation of export controls imposed by the United States;

(B) an evaluation of the role of Hong Kong in facilitating trade and financial transactions that violate sanctions imposed by the United States on the Russian Federation, Iran, and other countries and entities;

(C) an assessment of whether the National Security Law of Hong Kong has limited the ability of financial institutions to adhere to global standards for anti-money laundering and know-your-customer procedures; and

(D) a description of the level of co-operation between Hong Kong and United States authorities in enforcing export control and sanctions regimes.

In this section, the term appropriate congressional committees means—

(1) the Committee on Foreign Relations and the Committee on Banking, Housing, and Urban Affairs of the Senate; and

(2) the Committee on Foreign Affairs and the Committee on Financial Services of the House of Representatives.