Chinese Military and Surveillance Company Sanctions Act of 2024

The Chinese Military and Surveillance Company Sanctions Act of 2024 imposes U.S. sanctions on Chinese companies operating in China's defense sector, military-civil fusion operations, or surveillance technology sector. It prohibits U.S. persons from engaging in transactions involving these entities and restricts foreign financial institutions that facilitate significant transactions with them. The bill requires annual reporting to Congress on entities meeting sanction criteria, using existing government lists including the Defense Department's list of Chinese military companies and the Federal Government's Consolidated Screening List. These sanctions will remain in effect for seven years unless extended, with limited exceptions for intelligence activities and humanitarian aid. The law aims to cut off financial support for Chinese military and surveillance companies by expanding beyond previous restrictions on publicly traded securities.