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It has been almost two months since the National's People's Congress passed the Law on Safeguarding National Security in the Hong Kong SAR ("NSL"). Foreign governments have responded in various ways, including by suspending extradition treaties, revisiting bilateral trade arrangements and offering Hong Kong residents access to foreign citizenship. Most notably, the United States have enacted the Hong Kong Autonomy Act and imposed sanctions on 11 Hong Kong and PRC-based individuals. In response to this move, the PRC imposed its own sanctions on 11 Americans.
So, how does this impact businesses in Hong Kong? Do companies (or the individuals in charge of companies) run the risk of running afoul of any of the offences (secession, subversion of state power, terrorism and foreign interference) under the NSL? How do the foreign sanctions affect banks and other businesses in Hong Kong? What practical measures can businesses take to assess and mitigate their risk?
Join our insightful conversation with Mini vandePol, Head of Baker McKenzie's APAC Compliance & Investigations Group, Mini will touch upon the jurisdictional exposure under the US sanctions laws, how businesses can balance their requirements under the NSL, US sanctions, PRC sanctions and options to consider should a company engage commercially with a sanctioned person or entity. The conversation will include a Q&A session with the participants, which will be moderated by Mr. Jan Willem Möller (Chairman of the Dutch Chamber and Partner at Tanner De Witt).
