On 17 May 2016, the U.S. Treasury Department’s Office of Foreign Assets Control announced amendments to the US sanctions on Myanmar, by issuing new and amending existing general licenses intended to, support trade with Myanmar, facilitate the movement of goods within Myanmar, allow most transactions involving designated Myanma financial institutions, and allow certain transactions related to “U.S. Persons” (defined below) residing in Myanmar. The amendments take effect from 18 May 2016.
In addition to the BSR amendments, Office of Foreign Assets Control removed ten entities from and added six entities to the List of Specially Designated Nationals and Blocked Persons (“SDN List”)—amendments which took effect on 17 May 2016.
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