[Congressional Record Volume 172, Number 104 (Monday, June 22, 2026)]
[Senate]
[Page S3013]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 5891. Mr. THUNE (for Mr. Curtis (for himself and Mr. Merkley)) 
submitted an amendment intended to be proposed by Mr. Thune to the bill 
S. 4784, to authorize appropriations for fiscal year 2027 for military 
activities of the Department of Defense, for military construction, and 
for defense activities of the Department of Energy, to prescribe 
military personnel strengths for such fiscal year, and for other 
purposes; which was ordered to lie on the table; as follows:

       At the end of subtitle D of title XII, add the following:

     SEC. 1252. MEASURES TO ADDRESS MONEY LAUNDERING AND EXPORT 
                   CONTROL AND SANCTIONS VIOLATIONS IN HONG KONG.

       (a) Determination With Respect to Money Laundering.--Not 
     later than 180 days after the date of the enactment of this 
     Act, the Secretary of the Treasury shall submit to the 
     appropriate congressional committees a determination, 
     including a detailed justification, of whether reasonable 
     grounds exist for concluding that the Hong Kong Special 
     Administrative Region of the People's Republic of China is a 
     jurisdiction of primary money laundering concern under 
     section 5318A of title 31, United States Code.
       (b) Report on Role of Hong Kong in Export Control and 
     Sanctions Violations.--
       (1) In general.--Not later than 360 days after the date of 
     the enactment of this Act, the Secretary of the Treasury, in 
     coordination with the Secretary of State and the Secretary of 
     Commerce, shall submit to the appropriate congressional 
     committees a report assessing the ability of United States 
     and foreign financial institutions operating in Hong Kong to 
     identify and prevent transactions that facilitate the 
     transfer of products, technology, and money to the Russian 
     Federation, Iran, and other countries and entities in 
     violation of export controls and sanctions imposed by the 
     United States.
       (2) Elements.--The report required by paragraph (1) shall 
     include--
       (A) an evaluation of the extent of the role of Hong Kong as 
     an international financial and trading center in 
     facilitating, knowingly or unknowingly--
       (i) the transfer of commodities, software, or technology to 
     adversaries of the United States, including the Russian 
     Federation, Iran, the mainland of the People's Republic of 
     China, and other countries in violation of export controls 
     imposed by the United States; and
       (ii) trade and financial transactions that may implicate 
     sanctions imposed by the United States on the Russian 
     Federation, Iran, and other countries and entities;
       (B) an assessment of whether the People's Republic of 
     China's 2020 National Security Law and the January 2024 
     Safeguarding National Security Ordinance of Hong Kong have 
     limited the ability of financial institutions operating in 
     Hong Kong to adhere to global standards for anti-money 
     laundering and know-your-customer procedures; and
       (C) a description of cooperation between Hong Kong and 
     United States authorities in enforcing export control and 
     sanctions regimes, including any challenges to such 
     cooperation.
       (c) Appropriate Congressional Committees Defined.--In this 
     section, the term ``appropriate congressional committees'' 
     means--
       (1) the Committee on Foreign Relations and the Committee on 
     Banking, Housing, and Urban Affairs of the Senate; and
       (2) the Committee on Foreign Affairs and the Committee on 
     Financial Services of the House of Representatives.
                                 ______