Rule2023-15201
Publication of Burma Sanctions Regulations Web General License 5
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
July 18, 2023
Issuing agencies
Treasury DepartmentForeign Assets Control Office
Abstract
The Department of the Treasury's Office of Foreign Assets Control (OFAC) is publishing one general license (GL) issued pursuant to the Burma Sanctions Regulations: GL 5, which was previously made available on OFAC's website.
Full Text
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<title>Federal Register, Volume 88 Issue 136 (Tuesday, July 18, 2023)</title>
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[Federal Register Volume 88, Number 136 (Tuesday, July 18, 2023)]
[Rules and Regulations]
[Page 45816]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-15201]
[[Page 45816]]
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DEPARTMENT OF THE TREASURY
Office of Foreign Assets Control
31 CFR Part 525
Publication of Burma Sanctions Regulations Web General License 5
AGENCY: Office of Foreign Assets Control, Treasury.
ACTION: Publication of a web general license.
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SUMMARY: The Department of the Treasury's Office of Foreign Assets
Control (OFAC) is publishing one general license (GL) issued pursuant
to the Burma Sanctions Regulations: GL 5, which was previously made
available on OFAC's website.
DATES: GL 5 was issued on June 21, 2023. See SUPPLEMENTARY INFORMATION
for additional relevant dates.
FOR FURTHER INFORMATION CONTACT:
OFAC: Assistant Director for Licensing, 202-622-2480; Assistant
Director for Regulatory Affairs, 202-622-4855; or Assistant Director
for Compliance, 202-622-2490.
SUPPLEMENTARY INFORMATION:
Electronic Availability
This document and additional information concerning OFAC are
available on OFAC's website: <a href="https://ofac.treasury.gov">https://ofac.treasury.gov</a>.
Background
On June 21, 2023, OFAC issued GL 5 to authorize certain
transactions otherwise prohibited by the Burma Sanctions Regulations,
31 CFR part 525. The GL was made available on OFAC's website (<a href="https://ofac.treasury.gov">https://ofac.treasury.gov</a>) when it was issued. The GL has an expiration date of
August 5, 2023. The text of the GL is provided below:
OFFICE OF FOREIGN ASSETS CONTROL
Burma Sanctions Regulations
31 CFR part 525
GENERAL LICENSE NO. 5
Authorizing the Wind Down of Transactions Involving Myanma Investment
and Commercial Bank or Myanma Foreign Trade Bank
(a) Except as provided in paragraph (b) of this general license,
all transactions prohibited by Executive Order 14014 that are
ordinarily incident and necessary to the wind down of transactions
involving Myanma Investment and Commercial Bank (MICB), Myanma
Foreign Trade Bank (MFTB), or any entity in which MICB or MFTB owns,
directly or indirectly, individually or in the aggregate, a 50
percent or greater interest, are authorized through 12:01 a.m.
eastern daylight time, August 5, 2023, provided that any payment to
a blocked person must be made into a blocked account in accordance
with the Burma Sanctions Regulations, 31 CFR part 525 (BuSR).
(b) This general license does not authorize any transactions
otherwise prohibited by the BuSR, including transactions involving
any person blocked pursuant to the BuSR other than the blocked
persons described in paragraph (a) of this general license, unless
separately authorized.
Andrea M. Gacki,
Director, Office of Foreign Assets Control.
Dated: June 21, 2023.
Andrea M. Gacki,
Director, Office of Foreign Assets Control.
[FR Doc. 2023-15201 Filed 7-17-23; 8:45 am]
BILLING CODE 04810-AL-P
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</html>Indexed from Federal Register on July 18, 2023.
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.