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British sanctions updated relating to Myanmar

Myanmar has been on edge since a 2021 military coup ousted an extremely popular, democratically elected civilian government

As Bermuda joined London in a fresh notice of economic sanctions against Myanmar, the country’s military junta embarked on a crackdown on gold and foreign exchange traders and agents selling foreign real estate, making 35 arrests.

The Bermuda Monetary Authority has published the latest notice from the Office of Financial Sanctions Implementation at HM Treasury, which refers to the 2021 Myanmar (Sanctions) Regulations.

They provide for sanctions against those “involved in undermining democracy, the rule of law or good governance in Myanmar; the repression of the civilian population in Myanmar; the commission of, or the obstruction of an independent investigation into, a serious human rights violation or abuse in Myanmar” and other offences.

Myanmar has been the subject of British and US sanctions since the 2021 military coup toppled a democratic government installed after a landslide General Election victory.

Britain imposed asset freezes and travel bans on three generals involved in the coup, and after major energy companies pulled out of the development of the country’s oil and gas reserves.

Myanmar’s junta engaged in arrests last week, alleging attempts to destabilise the foreign currency exchange rate.

The kyat has been rapidly depreciating in the impoverished South-East Asian country of about 55 million people, which has seen nothing but political and economic turmoil since the coup.

Businesses in Bermuda and Britain have this week been warned against doing business with International Gateways Group of Company Ltd, which remains subject to an asset freeze, and told to alert authorities to such activity.

The European Union had accused the company of contributing funds as the single largest donor to the Myanmar armed forces in the past, and continuing recently to procure arms, including military equipment and dual-use goods, which were used against the civilian population and protesters all across the country.

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Published June 11, 2024 at 7:04 am (Updated June 11, 2024 at 7:04 am)

British sanctions updated relating to Myanmar

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