The Obama administration looks set to ease some sanctions targeting Asia World, a firm widely believed to have built its initial fortune on the drug trade before becoming one of Burma’s largest conglomerates, after sustained lobbing from the US banking industry. According to reports from Bloomberg and AP, the US Treasury Department’s Office of Foreign […]
Yangon stock exchange risks opening under US sanctions
October 13, 2015 by
Myanmar’s first modern stock exchange risks falling under sanctions by the US Treasury when it eventually launches this year. The Yangon Stock Exchange is not designated specifically by the Department of Treasury’s Office of Foreign Assets Control (OFAC). However US officials have clarified that under US law it would be automatically sanctioned, as it is […]
US banks call for waiver on Asia World port
September 14, 2015 by
The Clearing House Association – which is owned by many of the world’s largest commercial banks – and the Bankers Association of Finance and Trade (BAFT) wrote to the Office of Foreign Assets Control (OFAC) in July, after discovering that a significant amount of trade, including from the US, moves through AWPT. The port is […]
