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OFAC adds Myanma Gems Enterprise to Myanmar sanctions

OFAC added the following entity:

MYANMA GEMS ENTERPRISE (f.k.a. MYANMAR GEMS CORPORATION; a.k.a. MYANMAR GEMS ENTERPRISE), No. 70-072 Yarza Thingaha Road, Thapyaygone Ward, Zabuthiri Township, Naypyitaw, Burma; Rm Counter 23/24, G Flr, Mayangone, Rangoon, Burma; No. 66 Kaba Aye Pagoda Road, Mayangone Township, Rangoon, Burma [BURMA-EO14014]. 

to its Burma sanctions program today, and the Treasury Department:

PRESS RELEASES

Treasury Sanctions Key Gems Enterprise in Burma

WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated Myanma Gems Enterprise (MGE), a Burmese state-owned entity that is responsible for all gemstone activities in Burma. Gemstones are a key economic resource for the Burmese military regime that is violently repressing pro-democracy protests in the country and that is responsible for the ongoing lethal attacks against the people of Burma, including the killing of children. These sanctions are not directed at the people of Burma.

“Today’s action highlights Treasury’s commitment to denying the Burmese military sources of funding, including from key state-owned enterprises throughout Burma,” said Andrea Gacki, Director of the Office of the Foreign Assets Control. “The United States will continue to work tirelessly, including with partners throughout the region and the world, to support the restoration of democracy and rule of law in Burma and to bring accountability to those who seek to undermine these values.”

MGE is designated pursuant to Executive Order (E.O.) 14014, “Blocking Property with Respect to the Situation in Burma,” for being a political subdivision, agency, or instrumentality of the Government of Burma.

Myanma Gems Enterprise is a state-owned enterprise operating under the Ministry of Natural Resources and Environmental Conservation. MGE is a subdivision of the Ministry of Mines, which is responsible for managing the mining and marketing of jade and other gemstones. MGE is responsible for all functions relating to gemstones, including permitting, licensing, enforcing the regulatory framework, participating in joint ventures on behalf of the state, collecting royalties, and marketing of jade and gemstones in Burma. MGE is also responsible for supervising and granting permits for local private individuals and companies as well as organizing emporiums and special sales three times a year for gems and jade extracted.

As a result of today’s action, all property and interests in property of the entity named above that are in the United States or in the possession or control of U.S. persons are blocked and must be reported to OFAC. In addition, any entities that are owned, directly or indirectly, 50 percent or more by one or more blocked persons are also blocked.

Unless authorized by a general or specific license issued by OFAC, or otherwise exempt, OFAC’s regulations generally prohibit all transactions by U.S. persons or within (or transiting) the United States that involve any property or interests in property of designated or otherwise blocked persons. The prohibitions include the making of any contribution or provision of funds, goods, or services by, to, or for the benefit of any blocked person, or the receipt of any contribution or provision of funds, goods, or services from any such person.

and State Department:

The Burmese military regime has ignored the will of the people of Burma to restore the country’s path toward democracy and has continued to commit lethal attacks against protesters in addition to random attacks on bystanders.  This includes security forces’ brutal actions on March 27 that left over 100 protestors dead.  These attacks have led to over 500 deaths, including dozens of children.
In response to these acts, we are taking further action by designating Myanma Gems Enterprise, a state-owned enterprise, pursuant to Executive Order 14014.  We take this action as military leaders participate in an ongoing gems emporium in Nay Pyi Taw, under the auspices of Myanma Gems Enterprise.  By imposing targeted sanctions on this entity, we are sending a clear signal to the military that the United States will keep increasing pressure on the regime’s revenue streams until it ceases its violence, releases all those unjustly detained, lifts martial law and the nationwide state of emergency, removes telecommunications restrictions, and restores Burma to the path of democracy.
The United States, in close coordination with our allies and partners throughout the region and the world, remains steadfast in our commitment to press the Burmese military and security forces to cease all violence against peaceful protestors and others, to support the restoration of democracy, and to promote accountability for the coup and the violence that followed.

issued press releases.

Links:

OFAC Notice

Press Releases – Treasury. State

Categories: Burma Sanctions OFAC Updates Sanctions Lists

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