Targeting Financial Facilitators of Regime’s Activities
In a significant move, the United States has taken decisive action against Burma’s military regime-controlled financial institutions.
On June 21, 2023, the Myanma Foreign Trade Bank (MFTB) and Myanma Investment and Commercial Bank (MICB) were officially designated by the U.S. government.
These Burma regime banks have played a crucial role in enabling the regime’s questionable financial practices, including sourcing foreign currency for arms procurement and jet fuel abroad. Additionally, they have employed offshore accounts to gain access to global markets.
Choking the Financial Lifelines
MFTB and MICB have become conduits for the regime’s profit generation from Burma’s rich extractive industries, encompassing commodities like oil, gas, teak, and gemstones.
Through these financial channels, the regime has amassed substantial gains, all while the people of Burma have suffered.
With this strategic designation, a substantial blow has been dealt to the regime’s financial capabilities, directly impacting its ability to fund the violence that has plagued the nation.
Grace Period and Ongoing Vigilance
Recognizing the potential disruptions, the Department of the Treasury’s Office of Foreign Assets Control has put forth General License 5 (GL 5). This license is in effect until August 5 at 12:01 a.m. (EST), permits entities engaged with MFTB and MICB to gradually conclude their transactions in an organized manner.
However, as this grace period concludes, the United States stands firm in its resolve to monitor compliance closely. Transactions linked to MFTB or MICB will undergo rigorous scrutiny to ensure adherence to both the designations and U.S. policy.
Evasion tactics or actions contrary to the intent of these designations will be met with appropriate enforcement actions.
Unwavering Support for a Democratic Burma
As this action unfolds, the United States reinforces its steadfast commitment to the people of Burma. Amid their pursuit of peace, justice, and an all-encompassing democratic future, the U.S. remains a resolute ally.
Collaborative efforts with global partners and allies are underway, aimed at curbing the regime’s exploitation of the international financial system.
In an era marked by diplomatic dexterity, the United States has wielded its financial influence to deliver a resounding message: support for Burma’s democratic aspirations remains unshaken.