OFAC Interim Final Rule Amends and Reissues Burmese Sanctions Regulations
The Office of Foreign Assets Control (OFAC) has issued an interim final rule, effective August 16, 2005, in which it is amending the Burmese Sanctions Regulations (Regulations, 31 CFR Part 537) in order to implement Executive Order (EO) 13310. OFAC notes that due to the extensive nature of these amendments, it is also reissuing the Regulations as amended, in their entirety.
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According to OFAC, the President issued EO 13310 on July 28, 2003 in order to implement the Burmese Freedom and Democracy Act of 2003 (Act) and to take additional steps with respect to the Government of Burma's continued repression of that country's democratic opposition.
The Act restricts the financial resources of Burma's ruling military junta, the State Peace and Development Council (SPDC). The Act also requires the President to ban the importation into the U.S. of products of Burma beginning 30 days after the date of enactment, as well as to consider blocking the assets of certain SPDC members and taking steps to prevent further financial or technical assistance to Burma until certain conditions are met.
According to OFAC, EO 13310 bans the importation into the U.S. of products of Burma, with certain exceptions, and bans the exportation or reexportation to Burma of financial services from the U.S. or by U.S. persons, also with certain exceptions. OFAC also states that EO 13310 blocks all property and interests in property of the persons listed in its Annex and of certain persons determined, at a future point, by the Treasury Secretary, in consultation with the Secretary of State, to meet the criteria set forth in EO 13310.
(See today's ITT, 05081805, for BP summary of the extension of the Act's import restrictions for an additional year. See ITT's Online Archives or 07/30/03 news, 03073010, for BP summary of EO 13310's provisions.)
-written comments must be received no later than October 17, 2005
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OFAC interim final rule (FR Pub 08/16/05) available athttp://a257.g.akamaitech.net/7/257/2422/01jan20051800/edocket.access.gpo.gov/2005/pdf/05-16144.pdf