Hong Kong a ‘Global Leader’ in Financial Crime, US Lawmakers Say

Hong Kong has become a center for financial crime as Beijing tightened its grip on the city, US lawmakers said, highlighting the worsening ties between the former British colony and Washington.

Since Beijing imposed a national security law on Hong Kong in mid-2020, the city “has shifted from a trusted global financial center to a critical player in the deepening authoritarian axis” of China, Iran, Russia and North Korea, the heads of the House China Select Committee said in a letter to Treasury Secretary Janet Yellen.

The letter was signed by the committee chairman, Representative John Moolenaar of Michigan, ...