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Changes to OFAC Burma sanctions

Two changes on Friday to the OFAC Burma sanctions. First, two branches of Ayeyarwady Bank were added to the sanctions list (including their SWIFT BIC):

AYEYARWADY BANK (a.k.a. AYEYARWADDY BANK LTD; a.k.a. IRRAWADDY BANK), Block (111-112), Asint Myint Zay, Zabu Thiri Township, Nay Pyi Taw, Burma; No. 1 Ywama Curve, Ba Yint Naung Road, Block (2), Hlaing Township, Yangon, Burma; SWIFT/BIC AYAB MM MY [BURMA].

Secondly, there is a new General License allowing most financial transactions with Burma’s four largest banks (including Ayeyarwady Bank). The notice notes that this furthers the goals of the loosening of sanctions back in July, and the encouragement of new investment in Burma. Basically, you can do business with these banks as long as the counterparty isn’t the Ministry of Defense or anyone otherwise sanctioned under the program.

The General License will be added to the Licenses page.

Links:

OFAC notice
General License 19

Categories: Burma Sanctions Licenses OFAC Updates Sanctions Lists Uncategorized

eric9to5

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