Treasury Amends Burmese Sanctions Regulations, Identifies Blocked Companies Owned By Designated Persons, And Delists Several Burmese State-Owned Entities

Source: U.S. Department of the Treasury – OFAC

WASHINGTON – Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) amended the Burmese Sanctions Regulations, 31 C.F.R. part 537 (“the Regulations”), and updated the Specially Designated Nationals and Blocked Persons (SDN) List. Specifically, OFAC issued regulatory amendments intended to support trade with Burma; facilitate the movement of goods within Burma; allow certain transactions related to U.S. individuals residing in Burma; and allow most transactions involving designated financial institutions. In addition, OFAC, in consultation with the Department of State, removed seven state-owned enterprises and three state-owned banks from the SDN List. Taken in concert with the regulatory amendments to allow most transactions with designated financial institutions, this leaves few OFAC restrictions remaining related to banks in Burma. To incentivize further democratic reforms and maintain …

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