OFFICE OF FOREIGN ASSETS CONTROL
Specially Designated Nationals List Update
The following entity has been added to OFAC's SDN List:
AYEYARWADY BANK (a.k.a. AYEYARWADDY BANK LTD; a.k.a. IRRAWADDY BANK), Block (111-112), Asint Myint Zay, Zabu Thiri Township, Nay Pyi Taw, Burma; No. 1 Ywama Curve, Ba Yint Naung Road, Block (2), Hlaing Township, Yangon, Burma; SWIFT/BIC AYAB MM MY [BURMA].
Today, the Office of Foreign Assets Control (OFAC) issued a general license to authorize additional U.S. economic activity in Burma. The general license allows individuals, companies, and financial institutions to conduct most transactions – including opening and maintaining accounts and conducting a range of other financial services – with four of Burma’s major financial entities: Myanma Economic Bank, Myanma Investment and Commercial Bank, Asia Green Development Bank, and Ayeyarwady Bank. This action will give U.S. companies and non-governmental organizations greater access to some of the largest Burmese banks and allow these financial entities to access the U.S. financial system. Today’s general license supports the July 2012 easing of U.S. economic sanctions on Burma that authorized new investment in Burma by U.S. persons and encourages additional U.S. economic involvement in Burma.