US Updates Hong Kong Business Advisory
The Biden administration on Sept. 6 released an updated version (see 2107160030) of a business advisory that highlights the sanctions and export controls risks for companies doing business in Hong Kong, including the “reputational, regulatory, financial, and, in certain instances,…
legal” consequences they could face. The 16-page advisory covers risks associated with trade secrets theft, the punishments they could face for violating Hong Kong’s national security law and the challenges posed by “conflicting jurisdictional requirements and liability in connection with sanctions compliance efforts,” the State Department said. “Failure to adhere to U.S. sanctions can result in civil and criminal penalties under U.S. law.”