U.S. sanctions, timber and pearl enterprises in Myanmar

OFAC release blocking transactions by two state-owned enterprises in Myanmar involved in timber and pearl exports

OFAC release blocking transactions by two state-owned enterprises in Myanmar

The U.S. Treasury Department's Office of Foreign Assets Control (OFAC) today issued a release blocking transactions by two state-owned enterprises in Myanmar involved in timber and pearl exports.

According to the OFAC release, the identified enterprises are designated pursuant to Executive Order 14014, “Blocking Property With Respect to the Situation in Burma.”

As a result:

  • All property and interests in property of the entities that are in the United States or in the possession or control of U.S. persons are blocked and must be reported to OFAC.
  • Any entities that are owned, directly or indirectly, 50% or more by one or more blocked persons are also blocked.
  • Unless authorized by a general or specific license issued by OFAC (or otherwise exempt), all transactions by U.S. persons or within (or transiting) the United States that involve any property or interests in property of designated or otherwise blocked persons are prohibited.

The prohibitions include the making of any contribution or provision of funds, goods or services by, to or for the benefit of any blocked person or the receipt of any contribution or provision of funds, goods or services from any such person.
 

For more information on this topic or to learn more about KPMG’s Trade & Customs Services, contact:

Doug Zuvich
Partner and Global Practice Leader
T: 312-665-1022
E: dzuvich@kpmg.com

John L. McLoughlin
Principal and East Coast Leader
T: 267-256-2614
E: jlmcloughlin@kpmg.com

Andy Siciliano
Partner and National Practice Leader
T: 631-425-6057
E: asiciliano@kpmg.com

Steve Brotherton
Principal and Global Export and Sanctions Leader
T: 415-963-7861
E: sbrotherton@kpmg.com

Luis (Lou) Abad
Principal, Washington National Tax
T: 212-954-3094
E: labad@kpmg.com

Irina Vaysfeld
Principal
T: 212-872-2973
E: ivaysfeld@kpmg.com

Amie Ahanchian
Principal
T: 202-533-3247
E: aahanchian@kpmg.com

Christopher Young
Principal
T: 312-665-3229
E: christopheryoung@kpmg.com

Gisele Belotto
Managing Director
T: 305-913-2779
E: gbelotto@kpmg.com

George Zaharatos
Principal
T: 404-222-3292
E: gzaharatos@kpmg.com

Andy Doornaert
Managing Director
T: 313-230-3080
E: adoornaert@kpmg.com

Jessica Libby
Managing Director
T: 612-305-5533
E: jlibby@kpmg.com

 

 

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