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Financial Services Law Insights and Observations

OFAC sanctions Burmese governing body and numerous individuals

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

Financial Crimes

On May 17, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order 14014 against 16 individuals connected to Burma’s military regime and one entity, the State Administration Council (SAC), which is the official name of the military government in Burma formed by Burma’s military on February 2, 2021. As a result of the sanctions, all property and interests in property belonging to the SAC and the identified individuals subject to U.S. jurisdiction are blocked and must be reported to OFAC. According to Andrea Gacki, Director of OFAC, these sanctions “promote accountability for those responsible for the coup and ongoing violence.” Additionally, “any entities that are owned, directly or indirectly, 50 percent or more by one or more blocked persons are also blocked.” The sanctions also generally prohibit U.S. persons from engaging in any dealings involving the property or interests in property of the SAC or the identified individuals.

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