Hong Kong Financial Authorities Issue Guidance on US Sanctions
Hong Kong’s Monetary Authority and Securities and Futures Commission warned entities to assess whether recent U.S. sanctions could affect them (see 2008070039), warning that financial institutions should be “fair” in dealing with their customers. The SFC Aug. 8 said entities should “carefully assess any legal, business and commercial risks that they may be exposed to.” The HKMA said institutions should “assess all risks involved and endeavour to treat customers fairly.”
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The HKMA also said Hong Kong does not recognize the legal status of U.S. sanctions. “For the avoidance of doubt, unilateral sanctions imposed by foreign governments are not part of the international targeted financial sanctions regime and have no legal status in Hong Kong. Therefore, no obligation is created for [authorized institutions] under Hong Kong law,” the HKMA said.