U.S. Sanctions Burma (Myanmar): OFAC issues General License
On 07-12-2015, President Obama announced the decision to end U.S. Myanmar (Burma) related financial sanctions. The decision is based on the significant progress regarding ongoing democratic reforms. The OFAC fact-sheet can be found here.
Following President Obama’s decision, OFAC issued General License No. 20 (GL No. 20) regarding U.S. sanctions against Burma (Myanmar). Under GL No. 20, certain transactions incident to exports to or from Burma are now authorized.
Except as provided in GL No. 20 paragraph (c), all transactions otherwise prohibited by 31 C.F.R. §§ 537.201 and 537.202 that are ordinarily incident to an exportation to or from Burma of goods, technology, or non-financial services are authorized, provided the export is not to, from, or on behalf of a person whose property and interests in property are blocked under § 537.201(a).
NB Non-financial services are defined in GL No. 20 as all services other than those listed in § 537.305.
The U.S. Burma (Myanmar) sanctions program implemented by OFAC started in May 1997 when the U.S. Government determined that the military junta, which led the Government of Burma (Myanmar), had committed large-scale repression of the Burmese democratic opposition.
Following the democratic process in the country, in May 2012, the U.S. Government (along with other countries – e.g. EU relations and EU Myanmar sanctions) eased certain financial and investment sanctions on Burma (Myanmar).
For an overview of the U.S. sanctions against Burma (Myanmar) – see here.