Hong Kong national security law

The legislation would apply penalties against financial institutions only if a bank knowingly does business with an official under sanction.

China’s top legislative body approved a landmark national security law for Hong Kong, a sweeping attempt to quell dissent that risks US retaliation and the city’s appeal as a financial hub.

Hong Kong’s leader acknowledged that she still hasn’t seen a full draft of China’s pending national security legislation, even though the measure could be handed down in a matter of days.

The proposal said the central government will have jurisdiction over an “extremely small” number of national security cases under “specific circumstances,” according to draft language released on Saturday.

In retrospect, the decision by the Communist Party of China (CPC) to impose a new security law on Hong Kong seems to have been preordained. It was only a matter of time before China would do away with the “one country, two systems” arrangement.

US Secretary of State Michael Pompeo criticized HSBC Holdings Plc for backing China’s move to impose national security legislation in Hong Kong, underscoring the increasing political pressures on multinationals dependent on the former British colony.

One of the largest shareholders in HSBC Holdings Plc and Standard Chartered Plc said it’s uncomfortable about their decision to back China’s sweeping security rules planned for Hong Kong.

Quoteworthy: "It cannot be taken for granted that the United States and China will manage their bilateral relations based on rational calculations of their national interests or even share a desire for win-win outcomes." - Prime Minister Lee

In June 1995, exactly two years before Hong Kong’s handover, I was in my small, windowless office in Causeway Bay, when a colleague plonked a Fortune magazine with the cover story, “The Death of Hong Kong”, on my desk. The piece by the lat

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