Hong Kong has passed laws to comply with UN sanctions against Iran. The new laws that went into effect last Friday include asset freezes on Islamic Republic of Iran Shipping Lines (IRISL) and its affiliates. The US had accused 20 shipping firms in the city of ties to IRISL and of fronting Iranian businesses involved in the country's nuclear and missile programs.
Hong Kong, a semi-autonomous Chinese territory, received Beijing's approval to pass the new laws.
"The administration took time to deliberate internally on how best to implement the new and expanded sanctions," the Hong Kong government said in a statement on Wednesday [AFP, 30 March].