InfoBytes Blog
OFAC publishes Burma Sanctions Regulations
On May 28, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) issued the Burma Sanctions Regulations to implement Executive Order (E.O.) 14014, “Blocking Property with Respect to the Situation in Burma.” As previously covered by InfoBytes, President Biden issued E.O. 14014 in February granting OFAC the authority to target any person determined to have operated in the defense sector of the Burmese economy, or any other sector of the economy as determined by the Secretary of the Treasury. Among other things, the Burma Sanctions Regulations provide guidance on (i) prohibited transactions; (ii) general definitions; (iii) interpretations; (iv) licenses and authorizations; (v); reports; (vi) penalties and findings of violations; and (vii) procedures and the delegation of certain authorities to the Treasury secretary. OFAC noted that while the regulations have been published in an abbreviated form to provide “immediate guidance to the public,” it intends to provide a more comprehensive set of regulations in the future that “may include additional interpretive and definitional guidance, general licenses, and other regulatory provisions.”