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US Lifts Economic Sanctions on Myanmar

The U.S. on 7 October 2016 lifted sanctions against Myanmar that have been in place for nearly two decades.
●    The move came after President Barack Obama’s announcement that the US was ready to lift sanctions on the Asian country during Myanmar State Counsellor Aung San Suu Kyi’s visit to Washington in September 2016.
●    As a result of Obama’s announcement, the Treasury Department stated that the economic and financial sanctions administered by the Department of the Treasury’s Office of Foreign Assets Control were no longer in effect.
●    Lifting economic and financial sanctions will support trade and economic growth in Myanmar.
●    Treasury will continue to work with Burma to implement a robust anti-money laundering regime that will help to ensure the security of its financial system.
●    The Government of Myanmar was under economic sanctions by the US Treasury Department.


 

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