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US extends sanctions, further targets Asia World

Author: Guy Dinmore, Steve Gilmore, and Ei Ei Toe Lwin (Myanmar Times), Published on: 17 May 2016

The United States…announced it had extended sanctions against companies and individuals in Myanmar, adopting new measures targeted against Steven Law’s Asia World while removing some state-owned entities from its list.

The US Treasury’s Office of Foreign Assets Control (OFAC) removed seven state-owned enterprises and three state-owned banks from the “Specially designated nationals and blocked persons list” (SDN)…

OFAC responded to business pressure by adding a general license “authorizing transactions related to US individuals residing in Burma, extended and expanded an existing general license authorizing trade-related transactions, and updated an existing general license authorizing certain banking services.”

The seven delisted state-owned companies were named as: Myanmar Timber Enterprise; Myanmar Pearl Enterprise; Myanmar Gem Enterprise; No. 1 Mining Enterprise; No. 2 Mining Enterprise; No. 3 Mining Enterprise; and Co-Operative Export-Import Enterprise.

Three state-owned banks were also taken off the sanctions list: Myanma Economic Bank; Myanmar Foreign Trade Bank; and Myanma Investment and Commercial Bank….

Six companies identified as owned 50 percent or more by Asia World or Steven Law were named as Asia Mega Link Co, Asia Mega Link Services Co, Pioneer Aerodrome Services Co, Green Asia Services Co, Global World Insurance Co, and Shwe Nar Wah Co…

US sanctions include a ban on arms sales and US imports of rubies and jade

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