Update on Burma sanctions
12 July 2012Economic Sanctions Alert
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) published yesterday long-awaited General Licenses to implement the lifting of certain Burma sanctions. Specifically, OFAC implemented the easing of sanctions initially announced in May 2012 by President Obama and Secretary of State Clinton in response to political reforms by Burma’s government. We note that a number of restrictions remain in effect under the U.S. sanctions against Burma, including prohibition on the importation of Burmese-origin goods into the United States and restrictions on any dealings with persons or entities that are Specially Designated Nationals (SDNs). Accordingly, activities in Burma should be assessed on a case-by-case basis after a trade compliance review of the parties and nature of transaction.
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