New OFAC License Eases Financial Transactions With Burma
Treasury's Office of Foreign Assets Control replaced the 2008 license for financial transactions with Burma, in an order April 17. The new General License No. 14-C authorizes certain financial transactions in support of humanitarian, religious, and other not-for-profit activities in Burma, and supersedes in its entirety Amended General License No. 14-B (dated December 2, 2008).
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The main change in the new license is that it authorizes the export and reexport of financial services in support of not-for-profit activities in Burma including: (1) projects to meet basic human needs; (2) democracy building and good governance projects; (3) educational activities; (4) sporting activities; (5) non-commercial development projects directly benefiting the Burmese people; and (6) religious activities.
The action follows the government's decision to ease international trade restrictions involving Burma (See ITT Online Archives [Ref. 12040608]).