#US#Sanction #CreditUnion
Hong Kong Police Credit Union moves HK$11 billion assets from foreign to Chinese banks amid concerns over US sanctions
Police chief Chris Tang and his predecessor, Stephen Lo, were among the 11 Hong Kong and Chinese officials sanctioned by the U.S. since one week.
vUnder the sanctions brought by the US Treasury Department, the US-based assets of individuals or entities are blocked and Americans and businesses are generally prohibited from dealing with them.
In a letter to its member, the Hong Kong Police Credit Union said its members had expressed concerns over the unionās assets as the US government āhas been taking a series of measures against the cityās administrationā.
The union notified its members they have been āgradually withdrawing or relocating most of our assets and investments from foreign banksā since May this year.
The unionās website, however, has been offline since Tuesday, citing maintenance.
Source: Apple Daily #Aug12
Chinese Banks Comply with US Sanctions
Hong Kong Police Credit Union moves HK$11 billion assets from foreign to Chinese banks amid concerns over US sanctions
Police chief Chris Tang and his predecessor, Stephen Lo, were among the 11 Hong Kong and Chinese officials sanctioned by the U.S. since one week.
vUnder the sanctions brought by the US Treasury Department, the US-based assets of individuals or entities are blocked and Americans and businesses are generally prohibited from dealing with them.
In a letter to its member, the Hong Kong Police Credit Union said its members had expressed concerns over the unionās assets as the US government āhas been taking a series of measures against the cityās administrationā.
The union notified its members they have been āgradually withdrawing or relocating most of our assets and investments from foreign banksā since May this year.
The unionās website, however, has been offline since Tuesday, citing maintenance.
Source: Apple Daily #Aug12
Chinese Banks Comply with US Sanctions