Exclusive: Global banks scrutinize their Hong Kong clients for pro-democracy ties, in an attempt to avoid getting caught in the crosshairs of China’s new national security law - sources by sumeet_chat jamespomfret GregTorode
), among others, are broadening scrutiny under their programs that screen clients for political and government ties and subjecting them to additional diligence requirements, these people said.
The sources, who requested anonymity because of the sensitivity of the situation, said the broadened scrutiny of clients also applied to Hong Kong and Chinese officials who had implemented the law in anticipation of any U.S. sanctions against them. Albert Ho, a veteran Hong Kong democrat who runs a law firm and helps organise an annual candlelight vigil to commemorate victims of the June 4, 1989 Tiananmen Square crackdown, said he feared that people like him may face “difficulties in the times to come.”
“The relevant international standards and our guidance to the banking industry have not changed,” the city’s de facto central bank said. The banks’ move to subject supporters of Hong Kong’s democracy movement to a similar review comes at a time when the stance of some firms on the Chinese law has drawn scrutiny from Western lawmakers and activists.
Both Hong Kong and Chinese officials have said the law was vital to plug holes in national security defences, rejecting criticism from governments, including the United States and the United Kingdom, that China was violating its promise to safeguard Hong Kong’s freedom for 50 years after the 1997 handover.
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