US warns banks against doing business with sanctioned Chinese officials

Washington [US], December 21 (ANI): The US has named five sanctioned Chinese officials it said had contributed to undermining Hong Kong's democracy and warned that financial institutions that conduct business with them would be subject to punitive action.
"The Hong Kong Autonomy Act Report to Congress, released today, underscores the United States' deep concerns about Beijing's clear efforts to deprive Hong Kongers of a meaningful voice in the December 19 Legislative Council (LegCo) elections," the US State Department said in a release.
"Today's report to Congress identifies five PRC officials whose actions have reduced Hong Kong's autonomy. The five officials are Deputy Directors of the Liaison Office of the Central People's Government in Hong Kong, which is the PRC's main entity for projecting its influence in Hong Kong," the release said.
The US is concerned by China's continued efforts to undermine the democratic institutions in Hong Kong and erode Hong Kong's autonomy in its judiciary, civil service, press, and academic institutions, among other areas that are key to a stable and prosperous Hong Kong.
"Foreign financial institutions that knowingly conduct significant transactions with the individuals listed in today's report are subject to sanctions," the statement added. "Under the Hong Kong Autonomy Act, the Secretary of State is required to update Congress regularly on foreign persons who are materially contributing to, have materially contributed to, or attempt to contribute materially to the failure of the PRC to meet its obligations under the Sino-British Joint Declaration or Hong Kong's Basic Law, as defined by the Act."
This warning comes as pro-Beijing candidates have swept to victory in Hong Kong's Legislative Council election following low voting turnout under amended electoral laws.
The election was the first in Hong Kong since Beijing amended electoral laws to reduce the number of directly elected legislators and vet candidates to ensure that only those loyal to China could run.
A global alliance of parliamentarians had slammed China as polling stations opened on Sunday in Hong Kong where people are voting in the patriots'-only Legislative Council election, the first one since the imposition of sweeping national security law and a shake-up of the city's electoral system.
In a statement, Inter-Parliamentary Alliance on China (IPAC), said these elections will be "little more than an exhibition in authoritarianism." "These elections will therefore be little more than an exhibition in authoritarianism. By preventing certain candidates from standing, the Hong Kong authorities have stripped from the ballot box the democratic principles upon which free and fair elections must rely," IPAC said in a statement. (ANI)