On July 11, 2012, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) lifted long-standing prohibitions against U.S. parties exporting financial services and making new investments in Burma (Myanmar). Through issuance of General Licenses, OFAC has effectively removed two of the prominent sanctions long maintained against Burma, and opened the door for U.S. parties to export U.S. dollars to Burma (under General License 16) and to invest in the country (under General License 17).
The General Licenses provide broad authority for engaging in business in Burma, but U.S. businesses wishing to do so are advised to proceed with caution and ensure they undertake due diligence to avoid dealing with any one of the many specially designated and blocked parties that remain subject to OFAC sanctions. OFAC expressly conditioned its General Licenses to prohibit any dealings with the Burmese Ministry of Defense and any state or non-state armed group.
Click here to access OFAC’s release.