URGENT/ACTION REQUESTED
[16361]
July 29, 2003
TO: COMPLIANCE ADVISORY COMMITTEE No. 56-03
INTERNATIONAL COMMITTEE No. 48-03
INTERNATIONAL OPERATIONS ADVISORY COMMITTEE No. 32-03
MONEY LAUNDERING RULES WORKING GROUP No. 47-03
PRIMARY CONTACTS - MEMBER COMPLEX No. 59-03
TRANSFER AGENT ADVISORY COMMITTEE No. 68-03
RE: OFAC UPDATE -- PRESIDENT ISSUES ORDER IMPOSING SANCTIONS ON BURMA
President Bush issued an Executive Order that, among other things, blocks the assets of
the four Burmese entities listed below. The Executive Order took effect at 12:01 a.m. today, July
29, 2003. Accordingly, the assets of the following entities must be blocked immediately:
MYANMA ECONOMIC BANK (a.k.a. MYANMAR ECONOMIC BANK), 1-19
Sule Pagoda Road, Pabedan T/S, Yangon, Myanmar [BURMA]
MYANMA FOREIGN TRADE BANK (a.k.a. MYANMAR FOREIGN TRADE
BANK), P.O. Box 203, 80-86 Maha Bandoola Garden Street, Kyauktada T/S,
Yangon, Myanmar; SWIFT/BIC: FOTMMMM1 [BURMA]
MYANMA INVESTMENT AND COMMERCIAL BANK (a.k.a. MICB; a.k.a.
MYANMAR INVESTMENT AND COMMERCIAL BANK), 170/176 Bo Aung
Kyaw Street, Botataung Township, Yangon, Myanmar; SWIFT/BIC:
MYANMMM1 [BURMA]
STATE PEACE AND DEVELOPMENT COUNCIL OF BURMA [BURMA]
All of OFAC’s SDN material has been updated accordingly, as have OFAC’s brochure on
Burma and industry overviews for exporters & importers and the financial community. 1
Robert C. Grohowski
Associate Counsel
1 OFAC regulations require US persons, including investment companies, to block all accounts and assets of persons
or entities named by OFAC. For an overview of OFAC regulations and a description of the various measures that
mutual fund organizations may wish to consider adopting to ensure compliance with those regulations, refer to the
Institute’s paper entitled “Foreign Assets Control Compliance for Mutual Funds.” This paper is available on the
Institute’s members’ website at http://members.ici.org. The members’ website is password-protected; staff at
Institute member firms may request access codes by filling out the enrollment form on the website.