OFAC Archives - Consult Myanmar

Myanmar and ASEAN A Great Unknown to Trump

March 31, 2017 by thiha

Eric Rose is lead director of Herzfeld Rubin Meyer & Rose (“HRMR”), the first US law firm established in Myanmar. HRMR is a founding member of the American Chamber of Commerce Myanmar, and Mr Rose serves on its Executive Committee, and also chairs its HR Committee. In an exclusive interview with the Myanmar Times, he […]

Filed Under: Latest News Tagged With: AMCHAM, American Chamber of Commerce Myanmar, American financial institutions, asean, asia world, Australia, Cambodia, Canada, central bank, China, commerce, Company Administration, Congressional Budget Office, Daw Suu, DICA, Directorate of Investment, Donald Trump, Eric Rose, Executive Committee, Financial Crimes Enforcement Network, First US Law Firm, Foreign Narcotics Kingpin Designation Act, GNP, Herzfeld Rubin Meyer, HRMR, India, Laos, Malaysia, Max Myanmar, Myanmar economy, Myanmar Times, Naing Ngan Jar Thar, OFAC, Office of Foreign Assets Control, philippines, President Barack Obama, Rex Tillerson, Rose, Secretary of Commerce, secretary of state, Secretary of the Treasury, singapore, specially designated nationals, State Departments, Steven Law, Steven Mnuchin, Tatmadaw, The American Chamber of Commerce in Myanmar, U Tay Za, U Thin Kyaw, U Win Thein, U Zaw Zaw, United Wa, US Burma Sanctions, US Chamber of Commerce, US Treasury Department, Vietnam, Western Banks, Wilbur Ross, World Bank, Yangon University of Economics

US terminated remaining sanctions against Myanmar on 7 Oct 2016

October 8, 2016 by thiha

On 7th October 2016 – President Obama signed the Executive Order to terminate the remaining economic and financial sanctions against Myanmar that make it very difficult for US banks, financial institutions and companies to do business with Myanmar. That means the following group of people and entities have been removed from the US Sanction List […]

Filed Under: Featured Stories Tagged With: asia world, deletion, Executive Order, Htoo Group, Khin Shwe, Max Myanmar, OFAC, President Obama, sdn list, Steven Law, Tay Za, termination, US sanction, Zaw Zaw, Zaykabar

Complete List of 204 entities and individuals removed from the US Sanction List for Burma

October 8, 2016 by thiha

The following deletions have been made to OFAC’s SDN List for Burma as of 7/10/2016: STATE PEACE AND DEVELOPMENT COUNCIL OF BURMA [BURMA]. SHWE, Than; DOB 02 Feb 1935; alt. DOB 02 Feb 1933; nationality Burma; citizen Burma; Senior General, Minister of Defense and Commander-in-Chief of Defense Services; Chairman, State Peace and Development […]

Filed Under: Featured Stories Tagged With: asia world, deletion, Htoo Group, Khin Shwe, Max Myanmar, Myint Htay, OFAC, sdn list, Steven Law, Tay Za, termination, US sanction, Yuzana Group, Zaw Zaw, Zaykabar

Myanmar moved off money laundering watchlist

July 1, 2016 by thiha

Inter-governmental body the Financial Action Task Force (FATF) has removed Myanmar from its list of states deemed weak in combating money laundering and terrorist financing, which experts think should make international banks more comfortable doing business with the country. FATF, which counts China, the United States and India as members, released a public statement on […]

Filed Under: Latest News Tagged With: AML, CFT, China, FATF, FATF Mutual Evaluation, Financial Action Task Force, India, Inle Advisory Group, Myanmar Centre for Responsible Business, Myanmar Financial Intelligence Unit, OFAC, Office of Foreign Assets Control, Peter Kuick, SDN, specially designated nationals, The Myanmar Times, United States, US Patriot Act, Vicky Bowman

US eases Myanmar sanction to aid business

May 17, 2016 by thiha

Photo Credit: File Photo from Nov. 14, 2014 meeting between Obama and Aung San Suu Kyi in Yangon (Nyein Chan Naing / European Press Photo Agency) The US government has removed 3 government banks and 7 government agencies responsible for promoting investment and export in various sectors of this resource rich country off the sanction […]

Filed Under: Featured Stories, Latest News Tagged With: Andrew Tan, asia world, Co-Operative Export-Import Enterprise, eases sanction, Htoo Group, Managing Director Consult-Myanmar Co Ltd, Myanma Economic Bank, Myanma Foreign Trade Bank, Myanma Gem Enterprise, Myanma Investment and Commercial Bank, Myanma Pearl Enterprise, Myanma Timber Enterprise, Myanmar, No (2) Mining Enterprise, No. 3 Mining Enterprise, No.(1) Mining Enterprise, OFAC, sdn list, Steven Law, Tay Za, US sanction, Zaw Zaw

Yangon Stock Exchange to open amidst suspicion

February 4, 2016 by thiha

Many analysts believe the Yangon Stock Exchange, which will be fully operational by March this year, is opening with unfair advantages and possible conflicts of interests. The Yangon Stock Exchange (YSX) automatically entered the US sanctions blacklist as the Myanmar Economic Bank, an entity already sanctioned by the US Treasury Department’s Office of Foreign Assets […]

Filed Under: Latest News Tagged With: Asia Green Development Bank, Daiwa Securities Group, development, Dr Maung Maung Thein, Dr. Aung Ko Ko, finance, First Myanmar Investment, First Private Bank, Japan Exchange Group, Ministry of Finance, Myanmar, Myanmar Economic Bank, Myanmar Thilawa SEZ Holdings, Myanmar Thilawa SEZ Holdings Public Co Ltd, OFAC, Office of Foreign Assets Control, SECM, Securities and Exchange Commission of Myanmar, Soe Thein, US Treasury Department, Yangon Stock Exchange, YSX

US eases Myanmar trade sanctions

December 11, 2015 by Thiha

US authorities have removed a ban on trade through ports and airports in Myanmar for six months, a move that should help galvanise the country’s incoming government. A landslide victory by the National League for Democracy, led by the iconic Aung San Suu Kyi, marked the first free polls in 25 years, and the party […]

Filed Under: Latest News Tagged With: ADB guarantees, Asia World Port, Asian Development Bank, aung san suu kyi, Bank of America, Citi, HSBC, Janet Hyde, OFAC, PNC Financial, Risk Advisory Group, Rohingya, Steven Law

Sanctions fears choke nascent U.S. trade with Myanmar via Asia World Port

November 10, 2015 by thiha

Western banks are cutting trade finance in Myanmar after learning that part of the country’s main port is controlled by a man blacklisted by Washington, threatening to stop nascent U.S. economic ties with the Southeast Asian nation in their tracks. U.S. shipments to Myanmar have slowed to a crawl in recent months, after several banks […]

Filed Under: Latest News Tagged With: Asia World Port, Bank of America, blacklist, Citigroup Inc, European banks, fear of US penalties, HSBC, Jose W. Fernandez, Moe Myint Kyaw, OFAC, Peter Harrell, Peter Kucik, PNC Financial, sea cargo, sea trade, Steven Law, trade embargo, trade financing, UMFCCI, US banks, US Sanctions, US SDN, US Treasury

US offers path to redemption for ‘cronies’

May 6, 2015 by thiha

Myanmar officials and the business community yesterday expressed hope that the lifting of US sanctions against prominent industrialist U Win Aung last week would open the door to an influx of US investment and the removal from Washington’s blacklist of other tycoons linked to the former military regime. An industry insider who asked not to […]

Filed Under: Latest News Tagged With: Burma, Dagon International Ltd, Dagon Timber Ltd, Federation of Chambers of Commerce and Industry, Investment Promotion Committee, MCRB, Ministry of Commerce, Myanmar, Myanmar Centre for Responsible Business, Obama administration, OFAC, Office of Foreign Assets Control, Pwint Thit Sa, SDNs, specially designated nationals, The Myanmar Times, The State Department, U Win Aung, U Zaw Naing Thein, U Zaw Zaw, UMFCCI, US investment, Vicky Bowman, WASHINGTON

US Blacklists Myanmar Lawmaker Aung Thaung ahead of Obama’s visit

November 3, 2014 by thiha

WASHINGTON — The U.S. Treasury on Friday blacklisted a hard-line lawmaker of Burma’s ruling party, accusing him of undermining political and economic reforms. Human rights activists step welcomed the action against Aung Thaung, who was industry minister under the former ruling junta and a leader of a pro-military organization blamed for mob attacks. His family […]

Filed Under: Latest News Tagged With: Adam Szubin, aung san suu kyi, Aung Thaung, blacklist, election, OFAC, Political and Economic Reforms, President Obama, ruling party, sanction, SDN, sdn list, sectarian tensions, Treasury’s Office of Foreign Assets Control, undermine