April 9, 2021

Burmese state-owned gem company designated by OFAC

On April 8, 2021, the US Department of the Treasury’s Office of Foreign Assets Control designated Myanma Gems Enterprise (MGE), a state-owned entity in Burma responsible for all of the country’s gemstone activity, that has become a key economic resource for the violent Burmese military regime that continues to use deadly force to attack pro-democracy protesters in Burma that has resulted in the killing of children.  OFAC designated MGE pursuant to Executive Order 14014, “Blocking Property with Respect to the Situation in Burma,” for being a political subdivision of the Government of Burma.

As a result of this designation, all of MGE’s property and interests in property under US control are blocked, including property interests belonging to any entity that is owned fifty percent or more by MGE.  In addition, all transactions between MGE and US persons are generally prohibited.

Department of Treasury Press Release