US Agencies Issue Warnings on Doing Business in Myanmar
Several federal government agencies issued guidance for doing business in Myanmar Jan. 26. The advisory issued by the departments of State, the Treasury, Commerce, Labor and Homeland Security and the Office of the U.S. Trade Representative warns of "heightened risks associated with doing business in the country, and in particular with the military regime." The advisory document warns that businesses and individuals with ties to the military regime may face significant risks, including violations of U.S. anti-money laundering laws and sanctions. The warning strongly suggests that the business community should further review and update their risk assessments associated with continuing to do business with Burma’s state-owned enterprises.
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Of particular concern are Burmese state-owned enterprises and businesses dealing in gems and precious metals, real estate and construction, and arms and military equipment. Many businesses and individuals associated with these sectors are subject to various restrictions imposed by the U.S. and other nations, including the European Union, Australia, Canada, New Zealand, Korea and the U.K. The document singles out SOEs Myanma Oil and Gas Enterprise, Myanmar Mining Enterprises, Myanma Gems Enterprise (see 2104080039) and Myanma Timber Enterprise as particularly risky associations.