Tuesday, May 17, 2016

U.S. Department of the Treasury
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.

“Burma reached a historic milestone over the last year by holding competitive elections and peacefully transitioning to a democratically-elected government.  Our actions today demonstrate our strong support for this political and economic progress while continuing to pressure designated persons in Burma to change their behavior,” said Adam J. Szubin, Acting Under Secretary for Terrorism and Financial Intelligence.  “These steps will help to facilitate trade with non-sanctioned businesses  and, in turn, help the people and Government of Burma achieve a more inclusive and prosperous future.”

Source:U.S. Department of the Treasury’s Office of Foreign Assets Control

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