designated under the bill once it had been enacted and that he was recommending that the US and Australia should be high on the list of priority countries to be designated thereafter.
Kerry Amendment
5.
Finally, Mr Mulloy underlined Hong Kong's concern about the implications of the Kerry Amendment. In addition to Hong Kong's objections of principle to the amendment, there was concern that the proposed record-keeping and reporting requirements would be particularly onerous for Hong Kong banks because many legal transactions in Hong Kong were in the form of cash. He wondered whether Clause 25 of the new bill might be helpful in limiting the application of the amendment in Hong Kong.
The
6. The State Department representatives said that the State Department had been working closely with the Treasury Department on implementation of the amendment and that, as a preliminary step, a cable was about to be sent to US Embassies world-wide asking for information on what local legislation, if any, applied to the recording and reporting of cash transactions. Administration had, of course, been opposed to the amendment but now had to work to implement it in a way which would be least objectionable to other countries. They promised to take note of Hong Kong's concerns and to draw attention to the relevant provision in the new bill.
Что
ever
tu
J S Neve
First Secretary (Commercial)
CC : Hong Kong Department, FCO
Political Adviser's Office, Hong Kong