Myanmar Sanctions Revocation Ends Ban on Jadeite, Ruby Imports
President Barack Obama's executive order removing Myanmar sanctions (see 1610110029) included lifting an eight-year ban on Myanmar-origin jadeite and ruby imports, according to a Treasury Department fact sheet (here). Furthermore, the order removed all individuals and entities blocked under the Burmese Sanctions Regulations (BSR) from the Office of Foreign Assets Control's Specially Designated Nationals and Blocked Persons List, but doesn't impact Myanmar individuals or entities blocked pursuant to other OFAC sanctions authorities, including counter-narcotics sanctions, whose property and property interests remain blocked, Treasury said.
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OFAC may still carry out pending or future enforcement investigations or actions related to apparent violations of the BSR when still in effect, Treasury said. OFAC will also remove the BSR from the Code of Federal Regulations. “Lifting economic and financial sanctions will further support trade and economic growth, and Treasury will continue to work with Burma to implement a robust anti-money laundering regime that will help to ensure the security of its financial system," Treasury Acting Under Secretary for Terrorism and Financial Intelligence Adam Szubin said in a statement. Obama in September announced the addition of Myanmar as a least developed beneficiary developing country to the U.S. list of Generalized System of Preferences beneficiaries after a roughly 27-year absence from the program (see 1609140032), part an effort to liberalize trade and investment with the country since it made several democratic reforms.