InfoBytes Blog
OFAC announces Burmese sanctions
On March 25, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order 14014 against five individuals and five entities connected to the military regime in Burma. According to OFAC, the sanctions “come[] as the regime prepares to mark the 77th Armed Forces Day.” OFAC also described that “[f]ollowing the February 1, 2021, coup that overthrew Burma’s democratically elected civilian government, the military committed numerous atrocities against the people of Burma, including the violent repression of political dissent and violence against innocent people, including at pro-democracy protests during last year’s Armed Forces Day that killed more than 100 people.” As a result of the sanctions, all property and interests in property belonging to the sanctioned entities subject to U.S. jurisdiction 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.