Issue
13
CONFIDENTIAL
Objective/explanation
Present status/progress
China
interest*
UK
interest*
Secretary for Monetary Affairs (Cont'd)
U.S. information
and reporting requirements on banks (Cont'd)
extra-territoriality and their possible adverse implications on banks operating in Hong Kong. The Hong Kong Association of Banks is also concerned.
FS conveyed to the U.S. Consulate General in Hong Kong our concern regarding the Proposed Rulemaking on International Payments along the UK line. In relation to the U.S. Senate Subcommittee Report on money laundering etc., we decided that tactically we should only respond to specific approaches or legislative initiative from the U.S. administration. Developments are being monitored. In the
meantime, action is in
train to continue to seek the extension of the UK Protection of Trading
Interest Act 1980, as suitably modified, to HK.
X
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