Hong Kong Becoming Crime Center: U.S. Lawmakers

A warning from US lawmakers that Hong Kong has become a top crime center for money laundering and sanctions evasion.

In a letter to Treasury Secretary Janet Yellen, lawmakers called on her to reconsider ties with Hong Kong, especially when it comes to banking.

Lawmakers cited research that showed nearly 40% of goods shipped to Hong Kong to Russia last year were high-priority items, like semiconductors.

They said that Hong Kong has shifted from being a trusted global financial center to a critical player for China, Iran, Russia and North Korea.