OFAC sanctions Burmese timber and pearl enterprises
On April 21, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order 14014 against a Burmese state-owned entity responsible for timber and pearl exports from Burma. According to OFAC, the timber and pearl industries are “key economic resources for the Burmese military regime that is violently repressing pro-democracy protests” and is responsible for the continuing deadly attacks against the Burmese people. As a result of the sanctions, all property and interests in property of the entity in the U.S. or in the possession or control of U.S. persons are blocked and must be reported to OFAC. Additionally, “any entities that are owned, directly or indirectly, 50 percent or more by one or more blocked persons are also blocked.” 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.