OFAC Publishes Burma-Related FAQ

Sanctions OFAC Obama

On September 14, President Obama announced his intent to lift certain sanctions against Burma and to designate it as a least-developed beneficiary developing country for the purposes of the Generalized System of Preferences program, a status that would allow imported products from Burma to enjoy lower tariffs and preferential treatment. Accordingly, OFAC published new FAQ 480 to address the President’s announcement regarding the policy change with respect to Burma. The policy change will take effect when the President issues a new Executive Order and, at that time, OFAC “will formally remove the Burmese Sanctions Regulations from the Code of Federal Regulations and take other administrative actions as necessary.”