This bill aims to scrutinize Hong Kong's financial system regarding its potential involvement in illicit activities. It mandates the Secretary of the Treasury to conduct a determination within 180 days, assessing whether there are reasonable grounds to designate Hong Kong as a jurisdiction of primary money laundering concern under U.S. law. Furthermore, the legislation requires the Secretary of State, in coordination with the Treasury and Commerce Secretaries, to submit a comprehensive report within 360 days. This report will evaluate the capacity of financial institutions in Hong Kong to prevent transactions that facilitate the transfer of products, technology, and money to the Russian Federation, Iran, and other entities in violation of U.S. export controls and sanctions. It will specifically assess Hong Kong's role in facilitating such transfers to adversaries and mainland China, and its involvement in trade and financial transactions that violate U.S. sanctions. The report must also include an assessment of whether Hong Kong's National Security Law has impacted financial institutions' adherence to global anti-money laundering and know-your-customer standards. Finally, it will describe the level of cooperation between Hong Kong and United States authorities in enforcing these critical export control and sanctions regimes.