US lawmakers have expressed concerns about the transformation of Hong Kong into a hub for financial crimes, which they attribute to Beijing's increasing control following the implementation of the national security law in mid-2020.

The heads of the House China Select Committee have highlighted that the city has transitioned from being a trusted global financial center to a significant player in an authoritarian alliance involving China, Iran, Russia, and North Korea.

In a letter to Treasury Secretary Janet Yellen, the lawmakers emphasized the deteriorating relationship between Hong Kong and Washington, underscoring the implications for international finance and security.

This development raises concerns about the integrity of financial systems and the potential risks posed by the changing geopolitical landscape.