Hong Kong becomes major hub for shipping banned tech to Iran, Russia

A report by the Committee for Freedom in Hong Kong Foundation accuses Hong Kong's government and businesses of aiding in the evasion of sanctions by facilitating the transfer of restricted technology to countries like Russia, Iran, and North Korea. The report claims that Hong Kong has become a key player in undermining international security by smuggling military technology and prohibited goods to sanctioned nations. It highlights instances where Hong Kong businesses have been involved in shipping advanced technology to Russia, Iran, and North Korea, including components from Western manufacturers like Intel and Apple. The report also criticizes Hong Kong's regulatory environment for enabling these evasion activities through easy company creation and dissolution processes. Despite accusations, Hong Kong Customs has intercepted illegal shipments in the past. The report suggests that the US and EU should target Hong Kong banks and corporate services firms to combat sanction evasion effectively.