Bill · H.R. 3264· House(119-HR-3264)
To require a determination and report relating to money laundering and violations of export controls and sanctions in Hong Kong.
- Introduced
- 5/7/2025
- Last activity
- 5/7/2025 — Referred to the Committee on Financial Services, and in addition to the Committee on Foreign Affairs, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
- Sponsored by
- Joe Wilson
- Cosponsors
- - 1 - 2
- Introduced
- In Committee
What this bill would do
H.R. 3264 requires the Secretary of the Treasury to determine if Hong Kong should be designated as a jurisdiction of primary money laundering concern. It also mandates a report from the Secretary of State, in coordination with the Treasury and Commerce Secretaries, regarding Hong Kong's role in violating U.S. export controls and sanctions. This report will specifically assess the transfer of products, technology, and money to the Russian Federation, Iran, and other entities. The report must also evaluate if the National Security Law of Hong Kong affects the ability of financial institutions to follow anti-money laundering and know-your-customer standards.
Yes
Does this make trade with other countries easier?+5
The bill seeks to curb illegal trade and sanctions violations, potentially stabilizing legal trade frameworks.
Does this make what the government does easier for the public to see?+3
Requires reporting to Congress on financial activities and sanctions enforcement.
Does this give the federal government more power?+2
The bill mandates federal executive departments to perform specific determinations and reports.
The opposite
No question was scored the opposite.
Who it would affect, and how
Potential Positive Impacts for People
-
Increased Oversight of Money Laundering: Section 1(a) requires a determination on whether Hong Kong should be labeled a primary money laundering concern, which aims to address illegal financial activities.
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Stricter Enforcement of Sanctions: Section 1(b)(1) and 1(b)(2)(A-B) seek to identify and prevent the transfer of money, technology, and products to adversaries like the Russian Federation and Iran, ensuring U.S. sanctions are followed.
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Assessment of Financial Standards: Section 1(b)(2)(C) examines if the National Security Law of Hong Kong hinders financial institutions from meeting global anti-money laundering and know-your-customer procedures.
Potential Negative Impacts for People
- The provided text does not list specific negative consequences or burdens for individuals or groups of people.
Groups and Interests Ranking
Every group the model scored this bill for, from -10 to +10. Hover a score for the reason it gave.
- Governance And Ideology
- Improves Government Transparency+3Increases Federal Power+2
- National Security And Foreign Policy
- Improves International Trade+5
- 7/21/2025
- 1 Cosponsor added.
- 6/9/2025
- 1 Cosponsor added.
- 5/7/2025
- Referred to the Committee on Financial Services, and in addition to the Committee on Foreign Affairs, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
- 1 Cosponsor added.
- Introduced in House
James MoylanRepublican · Guam
Jimmy PanettaDemocrat · California
Thomas SuozziDemocrat · New York