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

This bill would require the United States to take two formal steps concerning Hong Kong. First, within 180 days, the Treasury Secretary must determine, with justification, whether Hong Kong should be designated as a jurisdiction of primary money laundering concern under the Bank Secrecy Act. Second, within 360 days, the Secretary of State (in coordination with the Treasury and Commerce) must submit a report to Congress evaluating how well financial institutions in Hong Kong can identify and prevent transactions that help transfer products, technology, and money to the Russian Federation, Iran, and other sanctioned or adversarial countries or entities. The report would also assess Hong Kong’s role in facilitating sanctions violations, whether Hong Kong’s national security laws affect AML/KYC compliance, and the level of cooperation between Hong Kong and U.S. authorities on export controls and sanctions enforcement. The bill defines which congressional committees receive these reports and determinations. The proposed action does not itself impose new sanctions or create new penalties, but it would generate a formal designation consideration and a strategic, evidence-based report that could inform future policy choices regarding Hong Kong, including potential designations, sanctions, or changes to regulatory approaches.