U.S. Parties Authorized to Transact Business in Burma’s Largest Banks
Today, the U.S. Department of the Treasury, Office of Foreign Assets Control (OFAC), issued General License No. 19, authorizing additional U.S. economic activity in Burma. The general license permits individuals, companies, and financial institutions to conduct business with Burma’s four major banks: Asia Green Development Bank, Ayeyarwady Bank, Myanma Economic Bank, and Myanma Investment and Commercial Bank. This new General License will ease the ability with which U.S. companies can do business in and with Burma. Last year, the U.S., the EU, and other countries eased economic sanctions against Burma to authorize investment and greater economic activity with Burma.
While General License No. 19 allows U.S. companies to transact business with these banks, there are restrictions. General License No. 19 can be found here, http://1.usa.gov/YIl6jV. This serves as a reminder that U.S. companies must carefully conduct business in Burma to comply with the remaining OFAC sanctions and the State Department’s Reporting Requirements for Responsible Investment in Burma.