Eased sanctions widen doorway to Myanmar oil and gas sector
On 11 July 2012, the US formally eased certain sanctions relating to “new investment” in the Union of Myanmar and on the exportation of financial services to Myanmar. This change in the scope of the Burmese Sanctions Regulations, implemented by General License Nos. 16 and 17 and issued by the US Department of the Treasury’s Office of Foreign Assets Control, will allow, under certain circumstances, US individuals and entities to invest in Myanmar’s oil and gas sector for the first time in 15 years.
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For the past 10 months, the US Department of Justice and the Enforcement Division of the Securities and Exchange Commission have advised the public that they are in the process of drafting guidance for companies regarding the requirements of, and prohibitions within, the US Foreign Corrupt Practices Act.