Transactions with Sanctioned Burmese Banks Must Be Wound Down by August 5, 2023
On June 21, 2023, the United States designated two of Burma’s military regime-controlled banks, Myanma Foreign Trade Bank (MFTB) and Myanma Investment and Commercial Bank (MICB). MFTB and MICB have been instrumental in facilitating the regime’s use of foreign currency to procure arms and jet fuel abroad and to access international markets using offshore accounts.
Through these offshore accounts, MFTB and MICB have facilitated the regime’s profiteering from Burma’s extractive industries, including oil and gas, teak, gemstones, and other natural resources. The designations of MFTB and MICB impose a significant impact on the regime’s ability to fund the violence it inflicts on the people of Burma.
At the time of the designation of these two banks, the Department of the Treasury’s Office of Foreign Assets Control issued General License 5 (GL 5) to allow entities engaging in transactions with MFTB and MICB to wind these down in an orderly fashion. Following the expiration of GL 5 on August 5 at 12:01 a.m. (EST), the United States will continue to carefully monitor compliance and scrutinize transactions with an MFTB or MICB nexus to counter evasion or other behavior that contravenes the intent of these designations and U.S. policy. We will pursue enforcement actions as appropriate.
The United States will not waver in its support for the people of Burma as they seek peace, justice, and an inclusive, democratic future for their country. We will continue to engage with our partners and allies in the broader international community to constrain the regime’s ability to exploit the international financial system.
Official news published at https://www.state.gov/transactions-with-sanctioned-burmese-banks-must-be-wound-down-by-august-5-2023/
Politics - JISIP NEWS originally published at Politics - JISIP NEWS
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