Introduction
Much anticipated after statements this past May by the U.S. Department of State that U.S. sanctions targeting Burma would be lifted, the U.S. Department of the Treasury, Office of Foreign Assets Control (OFAC) authorized new investment in Burma, also known as Myanmar, on July 11, 2012. U.S. investment in Burma pursuant to this new authorization that exceeds $500,000 in aggregate must comply with new reporting requirements aimed at encouraging “greater transparency” and “responsible investment.” OFAC also lifted the ban on providing U.S. financial services to Burma, subject to certain limitations. Read more
Much anticipated after statements this past May by the U.S. Department of State that U.S. sanctions targeting Burma would be lifted, the U.S. Department of the Treasury, Office of Foreign Assets Control (OFAC) authorized new investment in Burma, also known as Myanmar, on July 11, 2012. U.S. investment in Burma pursuant to this new authorization that exceeds $500,000 in aggregate must comply with new reporting requirements aimed at encouraging “greater transparency” and “responsible investment.” OFAC also lifted the ban on providing U.S. financial services to Burma, subject to certain limitations. Read more
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