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S. 1339119th CongressIn committeeLatest action Apr 8, 2025Decoded by AI · checked against the record
Official title: Stop CCP Money Laundering Act of 2025
Introduced:
Read the official bill on Congress.govThe plain-language version leads. The official text is always the reference.
S 1339 directs Treasury and State to investigate Hong Kong's financial system for money laundering and sanctions evasion within one year.
50-second read · 4 questions answered below
S 1339 requires the Treasury Department to determine within 180 days whether Hong Kong warrants a "primary money laundering concern" designation. Within one year, the State Department, working with Treasury and Commerce, must report on whether Hong Kong banks are being used to move money or transfer restricted technology to countries such as Russia and Iran in violation of U.S. law. The report must also assess whether Chinese national security laws passed in 2020 and 2024 have weakened standard anti-money laundering practices in Hong Kong.
The bill directly requires action from the Treasury Department, the State Department, and the Commerce Department. American banks and businesses operating in Hong Kong could face consequences if the investigations lead to new restrictions.
A "primary money laundering concern" designation can trigger restrictions on how U.S. banks conduct business in Hong Kong. The findings could eventually influence broader U.S. trade and financial policy, though the bill imposes no direct bans or penalties at this time.
AI-drafted summary. Verify it against the official text before you act on it. Read the official bill on Congress.gov
Right now: a Senate committee is reviewing it. If the House changes it, it goes back to the Senate before reaching the President.
Latest action: — Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.