The US government has recently taken steps to remove sanctions against Myanmar, seeking to reward the country for its moves toward democracy after decades of military rule. The new sanctions relief lifts the restrictions on banking and transacting with Myanmar, removes the ban on over 200 individuals from conducting business with the US, and removes restrictions on importation from Myanmar to the United States.
Although the lifting of sanctions against Myanmar creates business opportunities for financial institutions, they should carefully review their policies to prevent violating any remaining sanctions in place, such as those issued by the US Congress or the European Union. Additionally, financial institutions should consider the risk of a "snapback" of sanctions due to ongoing human rights concerns in Myanmar.
This Financial crimes observer provides our analysis of the newly-lifted sanctions.