On October 7, 2016, President Obama signed Executive Order 13742, terminating sanctions on more than 200 Burmese businesses and individuals. The Order eliminates prior restrictions on business with Burmese banks, permits the import of Burmese jadeite and rubies, and allows investment reporting through the State Department’s Responsible Investment Reporting Requirements to be made on a voluntary basis. Burma will now receive duty-free treatment on more than 5,000 products exported to the United States.
Executive Order 13742 comes after the U.S. Department of the Treasury issued a general license in May permitting certain transactions in Burma to be conducted without additional applications. These developments create further commercial opportunities between the United States and Burma and reflect the government’s support of Burma’s political reform process.
The Office of Foreign Assets Control (OFAC) will continue to monitor Burmese entities covered by other sanctions, such as counter-narcotics sanctions. There are still over thirty Burmese Specially Designated Nationals and Blocked Persons (SDNs) listed under drug trafficking and North Korea sanctions programs. Please reference the complete SDN List for additional information. Past violations of U.S. sanctions will continue to be enforced.
For guidance on navigating any of the U.S. sanctions programs and ensuring your business is in compliance with U.S. export regulations, contact Cortney Morgan, Linda Tiller or Grant Leach.