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Article

12 Jul 2012

Author:
Arshad Mohammed, Reuters

U.S. to demand disclosures as it eases Myanmar sanctions

Military, army-linked business ruled out as investment partners...The United States on Wednesday eased sanctions to allow its companies to invest in and provide financial services to Myanmar...the White House said...The rules require...reports to the State Department on issues such as human rights, workers' rights and environmental stewardship, the department said. Annual payments exceeding $10,000 made to Myanmar government entities including state-owned enterprises must also be reported, while those investing in the Myanma Oil and Gas Enterprise must notify the State Department..."The U.S. government has acknowledged that there are many unacceptable business partners in Burma. However, the government has failed...to prohibit U.S. companies from conducting business with these problematic entities," said a joint statement by the U.S. Campaign For Burma and three other advocacy groups. [refers to Coca-Cola, General Electric]