The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) has issued a six-month general license authorising certain trade-related transactions with Myanmar on which sanctions had been imposed.

The general license allows individuals, companies, and financial institutions to conduct most transactions otherwise prohibited by the sanctions, notably trade finance transactions as well some shipping services.

Restrictions remain

The license does not authorise any transactions to, from, or on behalf of any designated individuals or entities.

Neither does the license authorise a US financial institution to advise or confirm any financing by designated individuals or entities.

The license does authorise US financial institutions to unblock and return transactions blocked on or after 1 April 2015 that would have qualified as authorised under the new temporary general license.

Port concerns

Banks including Citigroup, Bank of America, HSBC and PNC Financial curtailed their trade financing activities with Myanmar last month after discovering that the Asia World port in Yangon was run by Steven Law (Trade Based Financial Crimes, 20 November).

He has been under US sanctions since 2008 for his alleged links with military officials.

Categories: Trade Based Financial crimes News