The U.S. Departments of State, Treasury, Commerce and Homeland Security advised U.S. companies on the increasing risks associated with operations in the Hong Kong Special Administrative Region of the People's Republic of China.
Treasury reported that it "has not identified any foreign financial institution that has knowingly conducted a significant transaction" with previously identified sanctioned foreign persons pursuant to the Hong Kong Autonomy Act.
President Trump issued two separate Executive Orders to "address the threat" created by the U.S. operations of two social media applications, TikTok and WeChat. In addition, OFAC designated Hong Kong Chief Executive Carrie Lam, among other officials, to its Specially Designated Nationals and Blocked Persons List.
In an advisory, FinCEN alerted financial institutions to recent Financial Action Task Force updates to the list of jurisdictions with strategic AML and combating the financing of terrorism deficiencies.