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Financial Sanctions and Embargoes in Hong Kong: A Comprehensive Guide

The United States has imposed significant financial sanctions and embargoes on Hong Kong, restricting trade and commerce with the territory. This guide provides an overview of the sanctions program, including frequently asked questions, interpretive guidance, licensing policies, and reports to Congress.

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Hong Kong Business Advisory: July 16, 2021

Frequently Asked Questions

The Office of Foreign Assets Control (OFAC) has compiled hundreds of frequently asked questions (FAQs) about its sanctions programs and related policies. These FAQs provide guidance on various aspects of the Hong Kong-related sanctions program.

Interpretive Guidance

OFAC issues interpretive guidance on specific issues related to the sanctions programs it administers. This guidance provides clarity on complex topics and helps businesses understand how to comply with the sanctions.

Applying for a Specific OFAC License

Certain activities related to the Hong Kong-related sanctions may be allowed if licensed by OFAC. Businesses can apply for an OFAC license online, which authorizes them to engage in transactions that would otherwise be prohibited.

Guidance on OFAC Licensing Policy

OFAC has issued guidance and statements on specific licensing policies as they relate to the Hong Kong-related sanctions. This includes guidance on the release of limited amounts of blocked funds for payment of legal fees and costs incurred in challenging the blocking of U.S. persons in administrative or civil proceedings.

Reports to Congress

OFAC occasionally transmits reports to Congress regarding the Hong Kong-related sanctions program. These reports provide updates on the implementation of the sanctions and any changes to the program.

The Hong Kong-related sanctions program represents the implementation of multiple legal authorities, including executive orders issued by the President and public laws passed by Congress. These authorities are further codified in OFAC regulations, which are published in the Code of Federal Regulations (CFR) and modified as needed.

Summary

In summary, the financial sanctions and embargoes imposed on Hong Kong by the United States aim to restrict trade and commerce with the territory. Businesses operating in Hong Kong must comply with these sanctions to avoid penalties and fines. This guide provides an overview of the sanctions program, including FAQs, interpretive guidance, licensing policies, and reports to Congress.