17 July 2012
The Office of Foreign Assets Control (OFAC) of the US Treasury Department has issued General License Nos. 16 and 17, related to US sanctions against Burma. Subject to certain limitations and requirements, the General Licenses lift the broad bans against US investments in Burma and the export of US financial services to Burma that had been in place for 15 years. OFAC simultaneously, however, tightened certain other constraints on US business dealings with Burma. As a result, companies potentially subject to US sanctions must still take care in considering possible business opportunities in Burma to ensure compliance with these new requirements.