Current Highlights: On February 22, 2013, General License No. 19 (GL 19) was issued to authorize U.S. persons to conduct most transactions – including opening and maintaining accounts and conducting a range of other financial services – with four of Burma’s major financial institutions: Asia Green Development Bank, Ayeyarwady Bank, Myanma Economic Bank, and Myanma Investment and Commercial Bank., subject to the limitations. For the specific language of General Licenses No. 16, No. 17, No. 18 and No. 19 which allow for investment and export or re-export of financial services to Burma by U.S. persons and the importation of products of Burma into the United States, please visit the Treasury Department’s Office of Foreign Assets Control (OFAC) at:
U.S. financial institutions may enter into direct correspondent relationships with any non-blocked Burmese bank, and, as a result of GL 19, also with the four blocked Burmese banks listed above. As a result of GL 16 and GL 19, the special measures against Burma imposed under Section 311 of the USA PATRIOT Act no longer apply to the operation of correspondent accounts for those Burmese banking institutions, or to transactions that are conducted through such accounts, provided the transactions are authorized pursuant to the Burmese Sanctions Regulations.
On March 18, 2013, OFAC issued new Burma FAQs regarding these steps the United States has taken to ease economic and trade sanctions against Burma, including General License Nos. 16, 17, 18, and 19.
U.S. persons are still prohibited from dealing with blocked persons, including both listed Specially Designated Nationals (SDNs) as well as any entities 50 percent or more owned by an SDN. The Treasury Department’s Office of Foreign Assets Control (OFAC) publishes a list of SDNs.