On 7 October 2016, following his prior announcement (see prior blog post here) of the intention to terminate US sanctions targeting Myanmar (also known as Burma), President Obama issued an Executive Order (“the 7 October Executive Order”) terminating US sanctions targeting Myanmar. As a result of this action, the sanctions that previously restricted US Persons (i.e., US citizens or permanent residents, wherever located or employed; entities organized under US law (and their non-US branches); and persons located in the United States) from engaging in certain activities involving Myanmar or specific entities associated with Myanmar are no longer in effect. The US Treasury Department’s Office of Foreign Assets Control (“OFAC”) simultaneously published a Fact Sheet explaining these changes and updated its list of Frequently Asked Questions regarding Myanmar.
On September 14, 2016, President Obama announced his intention to terminate US sanctions targeting Myanmar, also known as Burma (“Myanmar”), completing the process of relaxing US sanctions against Myanmar that began in July 2012. In a joint statement issued by the United States and Myanmar, President Barack Obama and State Chancellor Daw Aung Sun Suu Kyi announced the US-Myanmar Partnership, which will ultimately allow for deepened economic ties across a range of sectors between the countries. As an initial step for implementing the partnership, the President announced that the United States will terminate US sanctions and will revoke the Executive Order-based framework of the Myanmar sanctions program.
On July 6, 2016, the US Treasury Department’s Office of Foreign Assets Control (“OFAC”) announced that it had added 16 new North Korean parties, including 11 individuals and 5 entities, to the Specially Designated Nationals and Blocked Persons List (“SDN List”). The Treasury Department has issued a press release related to the designations. The new SDNs include North Korea leader Kim Jong Un, other top officials of the North Korean regime, and certain North Korean government entities. The parties were designated as Specially Designated Nationals (“SDNs”) pursuant to Executive Orders 13722 and 13687 for their ties to human rights abuses in North Korea.
The US Treasury Department’s Office of Foreign Assets Control (“OFAC”), the US Department of State’s Directorate of Defense Trade Controls (“DDTC”), and the US Department of Commerce’s Bureau of Industry and Security (“BIS”) have announced increases in the maximum civil monetary penalties (“CMPs”) that may be imposed for violations of OFAC sanctions programs, the International Traffic in Arms Regulations, and the Export Administration Regulations (“EAR”), respectively. The new maximum penalty amounts come into effect on August 1, 2016.