January 24, 2018 / 7:18 AM / in 5 months

Hong Kong needs to tighten measures to enforce North Korea sanctions - U.S. official

HONG KONG, Jan 24 (Reuters) - Hong Kong needs to tighten the enforcement of its rules and regulations to ensure the Asian financial hub is not used to violate sanctions imposed on North Korea to give up its nuclear ambitions, said a top U.S. treasury official on Wednesday.

“Hong Kong, of course, is an international financial hub and at the same time it has company formation and registration rules that we think need to be stronger,” said Sigal Mandelker, Under Secretary of the Treasury for Terrorism and Financial Intelligence.

“We have had productive, candid conversations about ways in which they should continue to enhance and enforce not only their legislation but implement legislation again to send a strong message that Hong Kong is not going to be a place where companies find any kind of safe harbour to facilitate front company, shell company activity,” she said, referring to her talks with Hong Kong officials. (Reporting by Sumeet Chatterjee; Editing by Jacqueline Wong)

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