On October 7, 2016, President Obama signed Executive Order 13742 terminating the national emergency with respect to Burma (formerly Myanmar), revoking the Burma sanctions.
As a result, the economic and financial sanctions administered by the Department of the Treasury’s Office of Foreign Assets Control (OFAC) are no longer in effect.
This includes the following impacts:
- All individuals and entities blocked pursuant to the Burmese Sanctions Regulations (BSR) have been removed from OFAC’s Specially Designated Nationals and Blocked Persons (SDN) List.
- All property and interests in property blocked pursuant to the BSR are unblocked.
- The ban on the importation into the United States of Burmese-origin jadeite and rubies, and any jewelry containing them, has been revoked.
- All OFAC-administered restrictions under the Burma sanctions program regarding banking or financial transactions with Burma are no longer in effect.
- OFAC will remove the BSR from the Code of Federal Regulations.
- Compliance with the State Department’s Responsible Investment Reporting
Requirements is no longer required by OFAC’s regulations, and is now voluntary.
The termination of the Burma sanctions program does not impact Burmese individuals or entities blocked pursuant to other OFAC sanctions authorities, such as counter-narcotics sanctions. They remain on the SDN List, and their property and interests in property remain blocked. Further, pending or future OFAC enforcement investigations or actions related to apparent violations of the BSR when in effect may still be carried out.
In addition, on September 14, 2016, President Obama proclaimed that Burma will be added as a least developed beneficiary developing country (LDBDC) under the Generalized System of Preferences (GSP), effective November 13, 2016.
If you have any questions regarding the lifting of Burma sanctions or Burma GSP eligibility, Livingston can help! Please contact either your Livingston account manager or our regulatory affairs department at usregaffairs@livingstonintl.com.