February 22, 2013
Burma Designations; Burma General License
OFAC today added AYEYARWADY BANK (see details below) to its SDN List under the Burma Sanctions program.
Treasury also announced that OFAC has issued a general license to authorize additional U.S. economic activity in Burma. The general license, issued by the Office of Foreign Assets Control (OFAC), allows individuals, companies, and financial institutions to conduct most transactions – including opening and maintaining accounts and conducting a range of other financial services — with four of Burma's major financial entities: Myanma Economic Bank, Myanma Investment and Commercial Bank, Asia Green Development Bank, and Ayeyarwady Bank.
The following entity has been added to OFAC's SDN List:
AYEYARWADY BANK (a.k.a. AYEYARWADDY BANK LTD; a.k.a. IRRAWADDY BANK), Block (111-112), Asint Myint Zay, Zabu Thiri Township, Nay Pyi Taw, Burma; No. 1 Ywama Curve, Ba Yint Naung Road, Block (2), Hlaing Township, Yangon, Burma; SWIFT/BIC AYAB MM MY [BURMA].
[Note: Although Ayeyarwady Bank was added to the SDN List, the new General License permits limited transactions with that and the other banks listed. Consult General License Number 19 for details.]