US Treasury revises Burma sanctions regulations with expanded guidance
The US Department of the Treasury’s Office of Foreign Assets Control (‘OFAC’) has published a final rule amending revisions to the Burma Sanctions Regulations, expanding guidance and incorporating recent directives.
The revised regulations replace the abbreviated version published in June 2021, providing additional interpretive guidance, definitions and general licences, OFAC announced in a notice, dated 13 November.
‘The sanctions in E.O. 14014 do not generally prohibit trade or the provision of banking or other financial services to the country of Burma,’ it notes. Instead, they ‘apply where the transaction or service in question involves property or interests in property that are blocked pursuant to these sanctions or are otherwise specifically prohibited.’
Key updates include:
● Incorporation of ‘Directive 1’ issued 31 October 2023 prohibiting provision of financial services to Myanma Oil and Gas Enterprise (‘MOGE’)
● New general licences for humanitarian activities and personal medical supplies
● Additional guidance on entities owned by blocked persons
● Expanded definitions of key terms including ‘financial services’ and ‘Government of Burma’