The Treasury Department’s Office of Foreign Assets Controls has expanded economic sanctions against Burma to four companies owned by Burmese business leaders.
As a result of the designation of these companies pursuant to Executive Order 14014, all property and interests in property of these entities that are in the U.S. or in the possession or control of U.S. persons are blocked and must be reported to OFAC. In addition, any entities that are owned, directly or indirectly, 50 percent or more by one or more blocked entities are also blocked.
Unless authorized by a general or specific license issued by OFAC, or otherwise exempt, all transactions by U.S. persons or within (or transiting) the U.S. that involve any property or interests in property of designated or otherwise blocked entities are prohibited. These prohibitions include the making of any contribution or provision of funds, goods, or services by, to, or for the benefit of any blocked entity or the receipt of any contribution or provision of funds, goods, or services from any such entity.
For more information on the Burma sanctions and ways to ensure compliance, please contact attorney Kristine Pirnia via email.
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