The Office of Foreign Assets Control (OFAC) reissued the Burmese Sanctions Regulations (31 C.F.R. Part 537) (BSR) on June 30th, 2014, in order to implement the four Executive Orders (EO) pertaining to Burma published since the last revision of the BSR in 2005. Similar to OFAC's revision of the Syrian Sanctions Regulations in May, these revisions also incorporated the three existing Burmese General Licenses (GL) found on OFAC's Burma webpage.
The revisions incorporate the provisions of the following four EOs: 13448 (Blocking Property and Prohibiting Certain Transactions Related to Burma); 13464 (Blocking Property and Prohibiting Certain Transactions Related to Burma); 13619 (Blocking Property of Persons Threatening the Peace, Security, or Stability of Burma); and 13651 (Prohibiting Certain Imports of Burmese Jadeite and Rubies).
The three current GLs regarding Burma, which are now incorporated into the Regulations are GL 16 (Authorizing the Exportation or Re-exportation of Financial Services to Burma); GL 17 (Authorizing New Investment in Burma by U.S. Persons); and GL 19 (General License with Respect to Asia Green Development Bank, Ayeyarwady Bank, Myanma Economic Bank, and Myanma Investment and Commercial Bank).
Additionally, these revisions remove a number of previously included prohibitions including the prohibition on the importation of Burmese origin articles (except Jade and Rubies).