Treasury Department Gives Formal Notice of Burmese Import Regulations
The Treasury Department formally published regulations for imports from Burma (Myanmar) and transactions with blocked Burmese financial institutions, and two General Licenses issued under the Burma sanctions program:
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- General License 19, initally issued Feb. 22, 2013, authorizes U.S. persons to conduct most transactions -- including opening and maintaining accounts -- with four blocked Burmese financial institutions: Asia Green Development Bank, Ayeyarwady Bank, Myanma Economic Bank, and Myanma Investment and Commercial Bank. The license does not unblock any property or interests in property or authorize transactions involving any other person blocked under the Burma sanctions program.
- General License 18, initially issued Nov. 16, 2012, authorizing importation of any products of Burma. There are certain limitations: jadeite and rubies mined or extracted in Burma are still prohibited, and transactions with persons blocked under Burma sanctions are still not allowed. The Obama Administration lifted the 10-year ban on Burmese imports Nov. 16 (see 12111916).
(Federal Register 04/10/13)