HONG KONG, Aug 12 — China’s plan to expand its anti-sanctions law into Hong Kong is a fresh compliance headache for international banks already caught up in deteriorating relations between Beijing and major western powers, analysts and insiders say.
Its powers include denying visas, deportation, or seizing assets of those who formulate or comply with sanctions against Chinese businesses or officials. International businesses — in particular banks — are now scrambling to work out what that could mean for them, fearful that they could be caught between competing sanction regimes.
“I know some of us may be very concerned,” Secretary for Justice Teresa Cheng told reporters earlier this month. “But I think we shouldn’t be too worried for now.” “We have no choice, either we shut the whole bank, which many people don’t want to do, or we have to just bite the bullet and continue our businesses,” he told AFP, asking to remain anonymous to speak freely.The national security law already makes it illegal for companies based there to adhere to foreign sanctions — something the United States highlighted last month in a rare business advisory warning.
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