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S1339119th CongressWALLET

Stop CCP Money Laundering Act of 2025

Sponsored By: Senator Curtis, John R. [R-UT]

Introduced

Summary

Investigates Hong Kong's role in international money laundering and sanctions evasion. The bill would require the Treasury to decide within 180 days whether there are reasonable grounds to designate Hong Kong as a jurisdiction of primary money laundering concern. It would also require the Secretary of State, working with Treasury and Commerce, to deliver within 360 days a report on how well U.S. and foreign financial institutions in Hong Kong can detect and stop transactions that move products, technology, or money to Russia, Iran, the mainland of the People’s Republic of China, or other sanctioned entities.

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  • Financial institutions in Hong Kong would face formal scrutiny. The State report must evaluate their ability to identify and prevent transfers that facilitate export‑control or sanctions violations and assess whether China’s 2020 National Security Law and Hong Kong’s January 2024 Safeguarding National Security Ordinance limit compliance with anti‑money laundering (AML) and know‑your‑customer (KYC) standards.
  • U.S. enforcement and foreign policy bodies would get targeted information. Treasury must make a 180‑day determination that could begin designation procedures under 31 U.S.C. § 5318A, and State must describe cooperation and challenges with Hong Kong authorities in enforcing export controls and sanctions.
  • Specific congressional oversight is required. Reports and determinations must go to the Senate committees on Foreign Relations and on Banking, Housing, and Urban Affairs and to the House committees on Foreign Affairs and on Financial Services.

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Bill Overview

Analyzed Economic Effects

2 provisions identified: 0 benefits, 0 costs, 2 mixed.

State report on Hong Kong sanctions risks

This bill would require the Secretary of State, with Treasury and Commerce, to report to Congress within 360 days. The report must assess whether banks in Hong Kong can spot and stop transactions that break U.S. export controls or sanctions. It must evaluate Hong Kong's role, the impact of recent PRC and Hong Kong security laws on AML/KYC, and cooperation challenges with U.S. authorities. The findings could lead to new rules that change paperwork or costs for banks, exporters, and businesses.

Treasury study on Hong Kong money‑laundering

This bill would require the Treasury Secretary to report to Congress within 180 days. The report must say whether reasonable grounds exist to label Hong Kong a primary money‑laundering concern. It must include the Secretary's detailed justification and go to specified congressional committees. If a designation follows, banks and businesses that use Hong Kong could face more rules, higher compliance costs, or harder banking access.

Sponsors & CoSponsors

Sponsor

Curtis, John R. [R-UT]

UT • R

Cosponsors

  • Sen. Merkley, Jeff [D-OR]

    OR • D

    Sponsored 4/8/2025

  • Sen. Scott, Rick [R-FL]

    FL • R

    Sponsored 6/1/2026

Roll Call Votes

No roll call votes available for this bill.

View on Congress.gov
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