April 8, 2025
Mr. Curtis (for himself and Mr. Merkley) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs
To require a determination and report relating to money laundering and violations of export controls and sanctions in Hong Kong.
Section 1. Short title
This Act may be cited as the Stop Corrupt Communist Party Money Laundering Act of 2025
or the Stop CCP Money Laundering Act of 2025
.
Sec. 2. Measures to address money laundering and export control and sanctions violations in Hong Kong
(a) Determination with respect to money laundering
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 designating the Hong Kong Special Administrative Region of the People's Republic of China as a jurisdiction of primary money laundering concern under section 5318A of title 31, United States Code.
(b) Report on role of Hong Kong in export control and sanctions violations
(1) In general
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.
(2) Elements
The report required by paragraph (1) shall include—
(A)
an evaluation of the extent of the role of Hong Kong as an international financial and trading center in facilitating, knowingly or unknowingly—
(i)
the transfer of products and technologies to adversaries of the United States, including the Russian Federation, Iran, the mainland of the People’s Republic of China, and other countries in violation of export controls imposed by the United States; and
(ii)
trade and financial transactions that violate sanctions imposed by the United States on the Russian Federation, Iran, and other countries and entities;
(B)
an assessment of whether the People’s Republic of China’s 2020 National Security Law and the January 2024 Safeguarding National Security Ordinance of Hong Kong have limited the ability of financial institutions operating in Hong Kong to adhere to global standards for anti-money laundering and know-your-customer procedures; and
(C)
a description of cooperation between Hong Kong and United States authorities in enforcing export control and sanctions regimes, including any challenges to such cooperation.
(c) Appropriate congressional committees defined
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.