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ARTICLE · 30 NOVEMBER 2005

OFAC Reissues Burma Sanctions Regulations

Reed Smith
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The Office of Foreign Assets Control ("OFAC") issued an interim final rule on August 16, 2005, revising the Burmese Sanctions Regulations (the "Regulations"). While Burma has been subject to sanctions since 1997, the passage of the Burmese Freedom and Democracy Act of 2003 (the "Act"), plus President Bush’s Executive Order of July 28, 2003, led to extensive revisions of the Burmese sanctions program. As a result of these amendments, OFAC decided to reissue the Regulations in their entirety.

United StatesInternational Law
Leigh Hansson
Leigh Hansson
William Pomeranz
William Pomeranz
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Originally published in the Export, Customs & Trade Sentinel, Volume II, Number 4, Fall, 2005

The Office of Foreign Assets Control ("OFAC") issued an interim final rule on August 16, 2005, revising the Burmese Sanctions Regulations (the "Regulations"). While Burma has been subject to sanctions since 1997, the passage of the Burmese Freedom and Democracy Act of 2003 (the "Act"), plus President Bush’s Executive Order of July 28, 2003, led to extensive revisions of the Burmese sanctions program. As a result of these amendments, OFAC decided to reissue the Regulations in their entirety.

The Regulations retain the prohibition on all "new investment" in Burma by U.S. persons, i.e., a contract for the development of resources (including natural, agricultural, commercial, financial, industrial, and human resources). Unlike other sanctions programs, however, the Regulations further identify certain types of indirect investments that are also barred. For example, the purchase of shares in a

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