In July 2012, the US Treasury Department’s Office of Foreign Assets Control issued two general licenses that suspend financial and investment sanctions against Myanmar. A response to positive social and political reforms that have taken place in the country, this signals a shift in US policy. It also evidences a degree of caution by the US, with higher compliance burdens for US companies doing business in Myanmar.
The lifting of US sanctions against financial services and new investment in Myanmar offers significant investment possibilities to both US and non-US companies, but it also imposes considerable compliance obligations. In “US Eases Financial Services and Investment Sanctions Against Myanmar – With Conditions” Squire Sanders lawyers Christopher H. Skinner and Daniel F. Roules look at how the US is seeking to support a nascent reform process, using economic sanctions as both carrot and stick to encourage further positive reforms.