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  • OFAC sanctions officials and family connected to Burmese military

    Financial Crimes

    On July 2, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order 14014 against 22 individuals connected to Burma’s military regime. The designations include seven key military members, along with 15 individuals identified as either the spouses or adult children of previously sanctioned senior military officials “whose financial networks have contributed to military officials’ ill-gotten gains.” The sanctions complement new restrictions imposed on four entities that have provided support for the Burmese military by the U.S. Department of Commerce’s Bureau of Industry and Security. As a result of the sanctions, all property and interests in property belonging to the identified individuals subject to U.S. jurisdiction are blocked and must be reported to OFAC. Additionally, “any entities that are owned, directly or indirectly, in the aggregate, 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 individuals, unless exempt or authorized by a general or specific license.

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

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  • OFAC publishes Burma Sanctions Regulations

    Financial Crimes

    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.”

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

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  • OFAC sanctions Houthi military official

    Financial Crimes

    On May 21, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order 13611 against a key senior military official connected to the Ansarallah, sometimes referred to as the Houthis, for allegedly arranging attacks impacting Yemeni civilians. According to OFAC, the sanctioned individual recently led the offense against Yemeni government-held territory in the Marib province, which “puts approximately one million already vulnerable internally displaced people (IDP) at risk, threatens to overwhelm an already stretched humanitarian response, and is triggering broader escalation.” As a result of the sanctions, all property and interests in property belonging to the sanctioned individual, and “any entities that are owned, directly or indirectly, 50 percent or more” by the individual that are subject to U.S. jurisdiction are blocked and must be reported to OFAC. OFAC’s announcement further noted that OFAC regulations “generally prohibit” U.S. persons from participating in transactions with designated persons unless exempt or otherwise authorized by a general or specific license, and warned foreign financial institutions that if they knowingly facilitate significant transactions for any of the designated persons, they may be subject to U.S. correspondent account or payable-through account sanctions.

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

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  • OFAC sanctions Burmese governing body and numerous individuals

    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.

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

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  • OFAC sanctions Burmese timber and pearl enterprises

    Financial Crimes

    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.

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

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  • OFAC sanctions Burmese gem enterprise

    Financial Crimes

    On April 8, 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 all gemstone activities in Burma. According to OFAC, gemstones are a “key economic resource for the Burmese military regime that is violently repressing pro-democracy protests” and is accountable for the continuing deadly attacks against the people of Burma. 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.

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

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  • OFAC sanctions Burmese military holding companies

    Financial Crimes

    On March 25, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order (E.O.) 14014 against two military holding companies in Burma. According to OFAC, these sanctions specifically target “the Burmese military’s control of significant segments of the Burmese economy.” As a result of the sanctions, all property and interests in property belonging to the sanctioned entities subject to U.S. jurisdiction, which enjoy a privileged position in the Burmese economy, 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.

    Concurrent with the sanctions, OFAC issued four general licenses (GL) and related FAQs: (i) GL 1, “Official Business of the United States Government”; (ii) GL 2, “Official Activities of Certain International Organizations and Other International Entities”; (iii) GL 3, “Certain Transactions in Support of Nongovernmental Organizations’ Activities”; and (iv) GL 4, “Authorizing the Wind Down of Transactions Involving Myanmar Economic Corporation and Myanma Economic Holdings Limited.” GLs 1, 2, and 3 authorize certain transactions prohibited by E.O. 14014 that are associated with, respectively, the official business of the U.S. government, the official business of certain international organizations and other international entities, and certain nongovernmental organizations’ activities. GL 4 authorizes, through June 22, transactions and activities ordinarily incident to the wind down of transactions involving the two sanctioned companies as well as any entity owned by 50 percent or more of the sanctioned companies. Additionally, FAQ 882 clarifies which organizations within the United Nations’ programs are covered by GL 2, whereas FAQ 883 stipulates that “wind down transactions may be processed through the U.S. financial system or involve U.S. persons, as long as the transactions comply with the terms and conditions in GL 4.”

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

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  • OFAC sanctions additional individuals and entities connected to Burmese military coup

    Financial Crimes

    On March 22, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order 14014 against two individuals and two entities connected to the Burmese military’s “repression of pro-democracy protests.” The sanctions follow previous actions taken by OFAC earlier this year against several individuals and entities (covered by InfoBytes here and here). As a result of the sanctions, all property and interests in property belonging to the sanctioned persons and “any entities that are owned, directly or indirectly, 50 percent or more by them, individually, or with other blocked persons,” 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.

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

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  • OFAC sanctions additional individuals and entities connected to designated Burmese military coup leader

    Financial Crimes

    On March 10, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order (E.O.) 14014 against two individuals along with six of their companies. The individuals are the adult children of a previously designated Commander-in-Chief of the Burmese military forces (covered by InfoBytes here)—an individual OFAC claims is “the leading actor in the overthrow of Burma’s democratically elected government.” Under E.O. 14014, foreign persons may be sanctioned who are the spouses or adult children of a person whose property and interests in property are blocked. 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.

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

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  • OFAC sanctions additional individuals connected to Burmese military coup

    Financial Crimes

    On February 22, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order 14014 against two individuals connected to a Burmese military coup. The sanctions build upon actions taken by OFAC earlier in the month against 10 current or former military officials as well as three Burmese entities (covered by InfoBytes here), and reaffirms the U.S.’s continued work to “promote accountability for those responsible for attempting to reverse Burma’s progress toward democracy.” As a result of the sanctions all property and interests in property belonging to the sanctioned individuals and “any entities that are owned, directly or indirectly, 50 percent or more by them, individually, or with other blocked persons,” 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.

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

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