Burma-related Designations and Designation Removal; Issuance of Burma-related General License

The Office of Foreign Assets Control (OFAC) has published a press release to inform about new sanction measures. Specifically, the Office added several entities to its Specially Designated Nationals and Blocked Persons List (SDN List) due to their connection to the Burma military regime pursuant to Executive Order 14014. The affected parties are the following:
#### Entities
MINISTRY OF DEFENSE OF BURMA (a.k.a. MINISTRY OF DEFENCE OF BURMA; a.k.a. TATMADAW), Building 24, Nay Pyi Taw, Burma; Organization Established Date 01 Aug 1937; Target Type Government Entity [BURMA-EO14014].
MYANMA FOREIGN TRADE BANK (a.k.a. MYANMAR FOREIGN TRADE BANK; a.k.a. „MFTB“), 80-86 Maha Bandoola Garden Street, Yangon, Burma; SWIFT/BIC MFTBMMMY; Organization Established Date 1976; Target Type Financial Institution [BURMA-EO14014].
MYANMA INVESTMENT AND COMMERICAL BANK (a.k.a. MYANMAR INVESTMENT AND COMMERCIAL BANK; a.k.a. „MICB“), 170/176 Bo Aung Kyaw Street, Botataung Township, Yangon, Burma; 170/176 Bo Aung Gyaw Street, Yangong, Burma; SWIFT/BIC MICBMMMY; Organization Established Date 1990; Target Type Financial Institution [BURMA-EO14014].
OFAC has also published an accompanying statement to explain the reasoning behind this latest sanction measure.
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Also, OFAC removed one person from its Burma-related sanctions list, namely MIN, Than, Burma; DOB 23 Nov 1956; POB Myinmu, Burma; Gender Male; National ID No. 12 LAMANA 062661 (Burma) (individual) [BURMA-EO14014].
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Finally, OFAC issued a new general license (GL 5) in connection with the new designations to permit certain financial transactions involving Myanma Investment and Commercial Bank or Myanma Foreign Trade Bank. Specifically, those transactions necessary for the wind-down of existing engagements with the banks or any of their subsidiaries (more than 50% control) are permitted through August 5, 2023. However, payments to a designated person may only be made into a corresponding frozen account.