CHINA Hong Kong banks have no legal obligation to cooperate with US sanctions: HKMA

CHINA

Hong Kong banks have no legal obligation to cooperate with US sanctions: HKMA

Xinhua

22:00, February 04, 2021

File Photo: CGTN

HONG KONG, Feb. 4 (Xinhua) -- Deputy Chief Executive of the Hong Kong Monetary Authority (HKMA) Arthur Yuen reiterated Thursday that Hong Kong banks have no legal obligation to cooperate with U.S. unilateral sanctions.

Banks should consider the related risk and whether it is fair to their clients, Yuen said at a press conference.

After the United States announced sanctions against some Chinese central government officials and HKSAR officials, the HKMA has said that the U.S. unilateral sanctions are not adopted by the United Nations, thus having no legal effect in Hong Kong.

The HKMA has also informed all recognized institutions in Hong Kong that they should consider the principle of fairness when making the decision on whether or not to provide services for sanctioned individuals and entities.

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