US House lawmakers, including Chairman Rep Moolenaar and Ranking Member Congressman Raja of the Committee on the Chinese Communist Party, have urged Treasury Secretary Janet Yellen to reassess ties with Hong Kong's banking sector, stating that the city is becoming a hub for financial crimes, including money laundering and sanctions evasion. In a bipartisan letter, they accuse Hong Kong of facilitating violations of US trade controls and acting as a 'critical player' in an 'authoritarian axis' alongside China, Iran, Russia, and North Korea. The lawmakers highlighted concerns following the recent prison sentencing of 45 pro-freedom activists, asserting that Beijing's tightening grip on Hong Kong has transformed the city into a center for financial crimes, undermining its status as an international financial hub.
