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US lawmakers say Hong Kong is becoming hub for financial crime

  • US lawmakers accuse Hong Kong of becoming a hub for money laundering and aiding authoritarian countries in evading sanctions, urging the Department of the Treasury to reassess its stance.
  • They claim Hong Kong has become a "global leader" in illicit practices, involving technology exports to Russia and illegal trade with North Korea.
  • Following a national security law in 2020, Hong Kong transitioned from a trusted financial center to a major player in authoritarianism alongside China, Iran, Russia, and North Korea.
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