U.S. Sanctions Info

Financial Services Ban

Note: THE U.S. DEPARTMENT OF TREASURY HAS FINAL APPROVAL OF ALL REMITTANCES

"The exportation or reexportation, directly or indirectly, to Burma of any financial services either (i) from the United States or (ii) by a United States person, wherever located; and any approval, financing, facilitation, or guarantee by a United States person, wherever located, of a transaction by a foreign person where the transaction by that foreign person would be prohibited by this order if performed by a United States person or within the United States…" are prohibited by law. This includes all remittances, including carrying in U.S. dollars by hand (see exception #3 below). There are a few important exceptions:

Non-commercial personal remittances (OFAC General License #6):

Individual U.S. persons (not entities) are authorized to make non-commercial remittances to individuals in Burma, of up to $300 per household per quarter, regardless of the number of individuals comprising the household, and further provided that no beneficiary is a person whose property is blocked.

Export-related remittances (OFAC General License #8):

Export-related transactions are allowed so long as the export is not to an entity or individual whose property is blocked (currently MFTB, MEB, MICB, and SPDC members). 

Travel and living-related expenses:

A U.S. person may bring in U.S. dollars adequate to provide for any transactions ordinarily incident to travel, including payment of living expenses and acquisition of goods or services for personal use, and for travel.

* Financial transactions licensed by the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) include the proviso: "Payments pursuant to this general license are authorized even though they may involve transfers to or from an account of a financial institution whose property is blocked pursuant to section 1 of E.O. 13310, provided that the account is not on the books of a financial institution that is a United States person."

*Since July 2003, OFAC has granted a number of specific licenses for other financial transactions conducted by various individuals and entities. Please contact OFAC directly for information on the licensing procedure.

*Some banks may have policies that are more stringent than the law requires.