119-s1339

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. 1339 Introduced in Senate

    (IS) ]

<DOC>

119th CONGRESS
 1st Session
 S. 1339

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

_______________________________________________________________________

 IN THE SENATE OF THE UNITED STATES

 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

_______________________________________________________________________

 A BILL

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

 Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

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.
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