Financial Sanctions: Burma/Myanmar

Bank of England News Release
2 June 2006

With the publication of Council Regulation (EC) No 817/2006 in the Official Journal of the European Union (O.J. L148, 2.6.2006, p.1) on 2 June 2006, the Council of the European Union has, amongst other things, amended the list of those subject to the financial sanctions applicable to certain individuals related to important government functions in Burma/Myanmar and to persons associated with them, and to certain Burmese state-owned enterprises. The list of targeted persons set out in Annex III of Council Regulation (EC) No 817/2006 replaces the list in Annex II to Commission Regulation (EC) No 667/2005 dated 28 April 2005.

The Bank of England, on behalf of Her Majesty's Treasury, therefore announces that with effect from 2 June 2006 all funds or economic resources belonging to the persons listed in Annex III to Council Regulation (EC) No 817/2006 must be frozen. No funds or economic resources are to be made available, directly or indirectly, to or for the benefit of the listed persons. Financial institutions and other bodies and persons in the UK must check whether they maintain any accounts or otherwise hold any funds for the individuals and entities named and, if so, they should freeze the accounts and report the accounts or other funds and amounts frozen to the Bank of England.

In addition, making financial loans or credits available to, and acquiring or extending a participation in, the Burmese state-owned enterprises listed in Annex IV to Council Regulation (EC) No 817/2006 shall be prohibited. The list of state-owned enterprises set out in Annex IV of Council Regulation (EC) No 817/2006 replaces the list in Annex III to Commission Regulation (EC) No 667/2005.

The Annex to this news release sets out in more detail the significant amendments made by the Council of the European Union in Council Regulation (EC) No 817/2006 compared with the list annexed to Commission Regulation (EC) No 667/2005, which take the form of additional names, deleted names and updated identifiers. [Download details! MS-Word]