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WASHINGTON – Today, the U.S. Department of the Treasury issued a
general license to authorize additional U.S. economic activity in Burma. The
general license, issued by the Office of Foreign Assets Control (OFAC), allows
individuals, companies, and financial institutions to conduct most transactions
– including opening and maintaining accounts and conducting a range of other
financial services – with four of Burma's major financial entities: Myanma
Economic Bank, Myanma Investment and Commercial Bank, Asia Green Development
Bank, and Ayeyarwady Bank. This action will give U.S. companies and
non-governmental organizations greater access to some of the largest Burmese
banks and allow these financial entities to access the U.S. financial system.
Today's general license supports the July 2012 easing of U.S. economic
sanctions on Burma that authorized new investment in Burma by U.S. persons and
encourages additional U.S. economic involvement in Burma.
"Increased access to Burma's
banking system for our companies and non-governmental organizations will help
to facilitate Burma's continued social and economic development, serve as a
model for responsible investment, and help to provide a better future for the
Burmese people," said Treasury Under Secretary for Terrorism and Financial
Intelligence David S. Cohen.
The United States is committed to
supporting positive political and economic reforms in Burma, and we urge the
Burmese government to continue this progress by implementing measures that
increase socio-economic development, promote government transparency and
accountability, protect human rights and religious freedom, release remaining
political prisoners, and advance ethnic reconciliation across the country.
Burma
Designations; Burma General License
2/22/2013
OFFICE OF FOREIGN ASSETS CONTROL
Specially Designated Nationals List
Update
The following entity has been added
to OFAC's SDN List:
AYEYARWADY BANK (a.k.a. AYEYARWADDY
BANK LTD; a.k.a. IRRAWADDY BANK), Block (111-112), Asint Myint Zay, Zabu Thiri
Township, Nay Pyi Taw, Burma; No. 1 Ywama Curve, Ba Yint Naung Road, Block (2),
Hlaing Township, Yangon, Burma; SWIFT/BIC AYAB MM MY [BURMA].
Today, the Office
of Foreign Assets Control (OFAC) issued a general license to
authorize additional U.S. economic activity in Burma. The general license
allows individuals, companies, and financial institutions to conduct most
transactions – including opening and maintaining accounts and conducting a
range of other financial services – with four of Burma’s major financial
entities: Myanma Economic Bank, Myanma Investment and Commercial Bank,
Asia Green Development Bank, and Ayeyarwady Bank. This action will give
U.S. companies and non-governmental organizations greater access to some of the
largest Burmese banks and allow these financial entities to access the U.S.
financial system. Today’s general license supports the July 2012 easing
of U.S. economic sanctions on Burma that authorized new investment in Burma by
U.S. persons and encourages additional U.S. economic involvement in Burma.
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