OFAC Eases Burma General License Policies
The Office of Foreign Assets Control is updating its Burma general licenses to continue the authorization of transactions related to trade of goods, technology, or non-financial services; remove the general license requirements for transactions with two financial institutions; and allow some transactions that would enable the “maintenance” of U.S. nationals living in the country, OFAC said (here). The agency has removed Myanma Economic Bank (MEB) and Myanma Investment and Commercial Bank (MICB) from its Specially Designated Nationals and Blocked Persons List (SDN List), and transactions with those entities no longer require a general license, OFAC said. Additionally, OFAC is adding Innwa Bank and Myawaddy Bank to the general license in Section 537.531 of the Burmese Sanctions Regulations, authorizing most transactions with the institutions.
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Despite the announcement of policies to facilitate commerce with Burma, President Barack Obama on May 17 ordered (here) a one-year continuation of the U.S. national emergency with respect to the country. "The situation in the country continues to pose an unusual and extraordinary threat to the national security and foreign policy of the United States," Obama said in a statement (here). "Concerns persist regarding continued obstacles to full civilian control of the government, the ongoing conflict and human rights abuses in the country, particularly in ethnic minority areas, and military trade with North Korea."
(Federal Register 05/18/16)