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Centre for Chinese and Comparative Law

Professor Wang Jiangyu quoted in the Fortune magazine on whether foreign banks may violate the National Security Law when complying with U.S. sanctions


Professor Wang Jiangyu, RCCL Director, observed in a report of the Fortune magazine that simply complying with foreign sanctions should not be legally interpreted as falling under endangering China’s national security, as this would put international business in Hong Kong in a very uncertain situation. The Hong Kong Autonomy Act passed by Congress of the United States will sanction individuals who are determined by the U.S. as “involved in the erosion” of Hong Kong’s autonomy and punish banks that serve them as clients. China has vowed to enact retaliatory sanctions against U.S. individuals and entities. Wang argued that, instead of applying the national security law directly, Beijing may punish the banks that comply with sanctions via fines or other measures that would be less detrimental to Hong Kong’s overall business environment. Read more of the report here: Eamon and Grady McGregor, “’A real bind:’ Banks that carry out Trump’s new sanctions could violate Hong Kong security law”. Fortune, 15 July 2020, at .