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Financial Services Law Insights and Observations

OFAC issues new executive order connected to Burmese military coup, adds sanctions targets under new order

Financial Crimes OFAC Designations Department of Treasury Enforcement Sanctions Of Interest to Non-US Persons Burma OFAC

Financial Crimes

On February 11, President Biden issued Executive Order (E.O.) 14014, “Blocking Property With Respect To The Situation In Burma.” Among other things, the new executive order permits the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) to target any person determined to operate in the defense sector of the Burmese economy, or any other sector of the economy as determined by the Secretary of the Treasury. The order also targets persons determined to have undermined democracy, threatened peace or stability, or engaged in a number of other activities threatening freedoms or human rights in Burma, and other persons determined to be a leader, part of, or associated with the Government of Burma. Under this new authority, OFAC announced sanctions against 10 current and former military officials and three entities connected to a Burmese military coup. The sanctions “specifically target those who played a leading role in the overthrow of Burma’s democratically elected government.” As a result of the sanctions all property and interests in property belonging to the sanctioned individuals and entities, and “any entities that are owned, directly or indirectly, 50 percent or more by them,” subject to U.S. jurisdiction are blocked and must be reported to OFAC. U.S. persons are generally prohibited from engaging in any dealings involving the property or interests in property of blocked or designated persons, unless exempt or authorized by a general or specific license.

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