{"id":59232,"date":"2023-08-04T13:45:25","date_gmt":"2023-08-04T20:45:25","guid":{"rendered":"https:\/\/lapost.us\/?p=59232"},"modified":"2023-08-04T13:45:25","modified_gmt":"2023-08-04T20:45:25","slug":"transactions-with-sanctioned-burmese-banks-must-be-wound-down-by-august-5-2023","status":"publish","type":"post","link":"https:\/\/lapost.us\/?p=59232","title":{"rendered":"Transactions with Sanctioned Burmese Banks Must Be Wound Down by August 5, 2023"},"content":{"rendered":"
08\/04\/2023 03:26 PM EDT<\/div>\n

 <\/p>\n

\n

Matthew Miller, Department Spokesperson<\/p>\n

On June 21, 2023, the United States\u00a0designated\u00a0<\/a>\u00a0two of Burma\u2019s military regime-controlled banks, Myanma Foreign Trade Bank (MFTB) and Myanma Investment and Commercial Bank (MICB).\u00a0 MFTB and MICB have been instrumental in facilitating the regime\u2019s use of foreign currency to procure arms and jet fuel abroad and to access international markets using offshore accounts.<\/p>\n

Through these offshore accounts, MFTB and MICB have facilitated the regime\u2019s profiteering from Burma\u2019s extractive industries, including oil and gas, teak, gemstones, and other natural resources.\u00a0 The designations of MFTB and MICB impose a significant impact on the regime\u2019s ability to fund the violence it inflicts on the people of Burma.<\/p>\n

At the time of the designation of these two banks, the Department of the Treasury\u2019s Office of Foreign Assets Control issued General License 5 (GL 5) to allow entities engaging in transactions with MFTB and MICB to wind these down in an orderly fashion.\u00a0 Following the expiration of GL 5 on August 5 at 12:01 a.m. (EST), the United States will continue to carefully monitor compliance and scrutinize transactions with an MFTB or MICB nexus to counter evasion or other behavior that contravenes the intent of these designations and U.S. policy.\u00a0 We will pursue enforcement actions as appropriate.<\/p>\n

The United States will not waver in its support for the people of Burma as they seek peace, justice, and an inclusive, democratic future for their country.\u00a0 We will continue to engage with our partners and allies in the broader international community to constrain the regime\u2019s ability to exploit the international financial system.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

08\/04\/2023 03:26 PM EDT   Matthew...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-59232","post","type-post","status-publish","format-standard","hentry","category-world"],"_links":{"self":[{"href":"https:\/\/lapost.us\/index.php?rest_route=\/wp\/v2\/posts\/59232","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lapost.us\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lapost.us\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lapost.us\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/lapost.us\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=59232"}],"version-history":[{"count":1,"href":"https:\/\/lapost.us\/index.php?rest_route=\/wp\/v2\/posts\/59232\/revisions"}],"predecessor-version":[{"id":59233,"href":"https:\/\/lapost.us\/index.php?rest_route=\/wp\/v2\/posts\/59232\/revisions\/59233"}],"wp:attachment":[{"href":"https:\/\/lapost.us\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=59232"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lapost.us\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=59232"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lapost.us\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=59232"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}