U.S. lawmakers warn 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 percent of goods shipped from 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.