US House Passes Bill to Sanction Chinese Banks over Hong Kong National Security Law

Published: July 2, 2020  Updated: July 2, 2020 at 8:24 am EST

The U.S. House of Representatives on July 1 unanimously passed a bill imposing sanctions on banks doing business with Chinese officials involved in the implementation of the Chinese communist regime’s national security law in Hong Kong.

Passage of the legislation came in response to Beijing’s draconian new law, which came into effect in Hong Kong this week. The standing committee of China’s rubber-stamp legislature, the National People’s Congress (NPC), passed the law on June 30 via ceremonial votes.

The law criminalizes individuals for any acts of subversion, secession, terrorism, and collusion with foreign forces, with maximum penalties of life imprisonment. Critics fear the law will be used to crack down on those critical of the Chinese Communist Party (CCP).

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