Hong Kong Business News

The Hong Kong Special Administrative Region Government today said it strongly disapproves of and firmly rejects a letter from members of the US House of Representatives to the US Secretary of the Treasury.

It strongly disapproved of and firmly rejected the letter's malicious slander of Hong Kong's reputation as an international financial centre, adding that the allegations in the letter have no factual basis and are grossly unfounded. The letter is a crude and reprehensible attempt to spread lies and misinformation about Hong Kong for personal political gain.

“The Hong Kong SAR Government has been enforcing the sanctions imposed by the United Nations Security Council (UNSC) fully and vigorously to fulfil our international obligations.

“We do not implement unilateral sanctions imposed by other countries that constitute a flagrant violation of the international order based on international law and the basic norms of international relations underpinned by the purposes and principles of the Charter of the United Nations.”

The Hong Kong SAR Government pointed out that it has long been maintaining an effective mechanism for implementing the resolutions of the UNSC which includes denying entry of vessels designated by the UNSC as well as suspicious vessels, keeping a close watch on and inspecting suspicious Hong Kong-based companies to prevent them from participating in activities evading UNSC sanctions, and participating in the Chemical Weapons Convention and the Arms Trade Treaty through the Central People's Government. It also noted that the effectiveness of the city's work has been well respected and recognised by its trading partners.

“Maintaining the integrity and robustness of our financial systems is high on the Hong Kong SAR Government's agenda. Our banks and other financial institutions adhere to international standards and best practices, including those on anti-money laundering and counter-financing of terrorism (AML/CFT).”

The statement said Hong Kong has been recognised by the Financial Action Task Force, the international standard-setter on AML/CFT, to be overall compliant with the relevant international standards, with a robust legal framework and effective system in this area, especially in the identification and understanding of risks, law enforcement, asset recovery and international co-operation.

The Hong Kong SAR Government also highlighted that like many jurisdictions including the US, Hong Kong is entitled to enact and implement laws to safeguard national security.

“The Safeguarding National Security Ordinance was enacted earlier this year to fulfil our overdue constitutional obligation under Article 23 of the Basic Law. The Hong Kong National Security Law and the Safeguarding National Security Ordinance operate together to ensure a stable and predictable environment for our economy and the companies that make it thrive.

“The offences in the Safeguarding National Security Ordinance are clearly defined and have drawn reference to those in many other advanced economies.”

The statement stressed that as a matter of fact, the international business community continues to have confidence in Hong Kong.

Moreover, the US has substantial economic interest in Hong Kong. Over the past decade, it registered a trade surplus of about US$270 billion with Hong Kong. Over 1,200 US companies operate in the city.

The Hong Kong SAR Government added that if US politicians insist on their acts, it will ultimately undermine the mutually beneficial relations between Hong Kong and the US, harming the interests of the US and its companies.