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Treasury loosens sanctions on Burma

The Department of Treasury loosened several sanctions on Burma…to bolster trade and business between the country and United States persons and businesses.

Treasury’s Office of Foreign Assets Control (OFAC) removed sanctions on seven businesses and financial institutions owned by the Burmese government and extended trade licenses for exports to and from Burma.

The OFAC also lifted a ban on most transactions with Burmese financial institutions and authorized some personal transactions, like paying rent and other living expenses, for U.S. persons living in Burma…

The OFAC also renewed sanctions on Burmese individuals and entities “who obstruct political reform in Burma, commit human rights abuses in Burma, or propagate military trade with North Korea,” it announced. It also sanctioned six companies majority-owned by Steven Law and Asia World, which supported Burma’s former millitary regime…

…“We remain concerned about some serious human rights issues, including ongoing attacks against ethnic minorities, as well as the military's extraordinary grip on key institutions of power,” the lawmakers said. “Renewing the sanctions authority while easing some sanctions sends a clear message that the United States continues to stand in support of true democratic reform in Burma.”

 

 

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