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The Chinese Military and Surveillance Company Sanctions Act of 2024 authorizes the President to impose sanctions on foreign persons knowingly operating in China's defense, military-civil fusion, or surveillance technology sectors. The bill requires the Treasury Secretary to annually review entities on specified government lists and determine whether they meet sanctions criteria, with particular focus on companies involved in advanced technologies such as artificial intelligence, semiconductors, quantum computing, and biotechnology. Sanctions include prohibiting foreign exchange transactions involving targeted entities and restricting correspondent accounts held by foreign financial institutions that facilitate transactions with sanctioned persons.
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