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On July 11, 2012, the U.S. Treasury Department's Office of
Foreign Assets Control (OFAC) lifted long-standing prohibitions
against U.S. parties exporting financial services and making new
investments in Burma (Myanmar). Through issuance of General
Licenses, OFAC has effectively removed two of the prominent
sanctions long maintained against Burma, and opened the door for
U.S. parties to export U.S. dollars to Burma (under General License
16) and to invest in the country (under General License 17).
The General Licenses provide broad authority for engaging in
business in Burma, but U.S. businesses wishing to do so are advised
to proceed with caution and ensure they undertake due diligence to
avoid dealing with any one of the many specially designated and
blocked parties that remain subject to OFAC sanctions. OFAC
expressly conditioned its General Licenses to prohibit any dealings
with the Burmese Ministry of Defense and any state or non-state
armed group.
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