Frequently Asked Questions

851. How will the following key terms in section 5(b) of the Hong Kong Autonomy Act (HKAA) be defined:  “financial institution” and “knowingly”? 

Answer

Section 2 of HKAA defines these terms as follows, which OFAC intends to incorporate into relevant regulations:

“financial institution” – the term “financial institution” is defined to have the same meaning as a financial institution specified in section 5312(a)(2) of title 31, United States Code.  

“knowingly” – the term “knowingly”, with respect to conduct, a circumstance, or a result, means that a person has actual knowledge of the conduct, the circumstance, or the result.
 

Date Released
October 14, 2020