U.S. lawmakers plan to unveil a bill on Thursday that could be used to block Hua...
WASHINGTON - U.S. lawmakers plan to unveil a bill on Thursday that could be used to block Huawei Technologies Ltd from accessing U.S. banks for certain transactions, in a bid to thwart the Chinese telecoms giant amid frustration over the failure of prior sanctions to curb its business.
If the bill were passed and Huawei designated, the company would be shunned by U.S. banks in certain dealings with customers worldwide, since most dollar payments clear through U.S. financial institutions. Citing national security concerns, the Trump administration placed Huawei on a blacklist known as the “entity list” last May, forcing some firms to seek a special license to sell to it.
“The entity list is not getting the job done,” Gallagher said, in describing the goals of the legislation. But with no clear definition of “significant” transactions, banks would struggle to implement the rules, in the face of stiff civil and possibly even criminal penalties for violations, sanctions specialists said. That would compel regulators to develop their own more concrete definitions, they added.
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