The U.S. Treasury Department issued a general license Friday allowing American banks to transact with four financial institutions in Myanmar included on its Specially Designated Nationals List. Going forward, American banks can maintain correspondent relationships with, or process transactions for, Asia Green Development Bank, Ayeyarwady Bank, Myanma Economic Bank and Myanma Investment and Commercial Bank, the department's Office of Foreign Assets Control (OFAC) said. The decision lifts sanctions imposed on the Burmese banks under an April 2004 U.S. Patriot Act designation that prevented American financial institutions from keeping correspondent relationships with any of their counterparts in the Southeast Asian country....
A U.S. Treasury Department decision to effectively lift sanctions on four of Myanmar's largest banks has done little to entice American financial institutions to do business in the country, say industry representatives.
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