H.R. 3264 requires U.S. government officials to investigate and report on financial crimes and sanctions violations in Hong Kong. Specifically, the Treasury Secretary must determine within 180 days whether Hong Kong should be officially designated as a jurisdiction of primary money laundering concern. Additionally, the State Department, working with Treasury and Commerce officials, must submit a comprehensive report within 360 days assessing how Hong Kong's financial institutions are being used to illegally transfer products, technology, and money to Russia, Iran, and other U.S. adversaries in violation of export controls and sanctions. The report must evaluate Hong Kong's role in facilitating these violations, examine whether Hong Kong's national security law has weakened financial safeguards, and assess cooperation between Hong Kong and U.S. authorities. The legislation does not authorize new funding but directs existing government agencies to conduct these assessments and report their findings to relevant congressional committees.