OFAC clarifies reporting requirements on foreign financial institutions in HKAA

OFAC has published 4 FAQs clarifying the reporting requirements set out in the Hong Kong Autonomy Act (HKAA). This follows the Secretary of State’s report to Congress pursuant to section 5(a) HKAA identifying those involved in China’s “failure to meet its obligations under the Sino-British Declaration or Hong Kong’s Basic Law”. See Notice. The 10 Hong Kong officials identified in …