US lifts economic sanctions on Myanmar

Posted on:08 Oct 2016 17:49:24
US lifts economic sanctions on Myanmar
08 October 2016 Current Affairs: The U.S. has lifted sanctions against Myanmar that have been in place for nearly two decades on 7 October 2016.

The move came after President Barack Obama’s announcement that the US was ready to lift sanctions on the Asian country during Myanmar State Counsellor Aung San Suu Kyi’s visit to Washington in September 2016.

As a result of Obama’s announcement, the Treasury Department stated that the economic and financial sanctions administered by the Department of the Treasury’s Office of Foreign Assets Control were no longer in effect.

Lifting economic and financial sanctions will support trade and economic growth in Myanmar.

Treasury will continue to work with Burma to implement a robust anti-money laundering regime that will help to ensure the security of its financial system.

The step eased restrictions on Myanmar’s financial institutions, allowed certain transactions related to US individuals living in the country, and removed seven state-owned enterprises and three state-owned banks from the US blacklist.

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