Banks will now have to further update their systems to reflect the increased risk of entities linked to the 14 newly sanctioned individuals.
The White House added 14 mainland Chinese lawmakers to the existing sanction list, further expanding the current Donald Trump administration’s coverage to 25 individuals in total.
«Beijing’s unrelenting assault against Hong Kong’s democratic processes has gutted its Legislative Council, rendering the body a rubber stamp devoid of meaningful opposition,» Secretary of State Mike Pompeo said in a statement.
«These actions demonstrate once again Beijing’s complete disregard for its international commitments under the Sino-British Joint Declaration, a U.N.-registered treaty.»
Expanded Compliance Net
The new additions will once again require banks to update their compliance systems to better assess risk. Most recently, the already sanctioned Hong Kong chief executive Carrie Lam admitted that the measures caused her to lose access to banking services and require salary payment in cash.
The newly sanctioned individuals – all vice-chairpersons of the National People's Congress Standing Committee (NPSCS) – include Wang Chen, Cao Jianming, Zhang Chunxian, Shen Yueyue, Ji Bingxuan, Arken Imirbaki, Wan Exiang, Chen Du, Wang Dongming, Padma Choling, Ding Zhongli, Hao Mingjin, Cai Dafeng, and Wu Weihua.
«These individuals and their immediate family members will be barred from traveling to the United States,» Pompeo added. «Their assets within the jurisdiction of the United States or in the possession or control of U.S. persons will be blocked and U.S. persons are generally prohibited from dealing with them.»
