US issues advisory for individuals, entities doing business in Myanmar

WASHINGTON

US government agencies on Wednesday issued a business advisory for Myanmar, warning of "heightened risks" linked to doing business with the military regime and engaging in business activities that benefit the regime.

The advisory from departments of State, Commerce, Homeland Security, Labor, Treasury and the Office of the US Trade Representative is addressing individuals, businesses, financial institutions and other persons -- including investors, consultants and research service providers, State Department spokesman Ned Price said in a statement.

Price said the US does not seek to curtail legitimate business and responsible investment in Myanmar.

"However, businesses and individuals should be wary of the associated illicit finance and money laundering risks, as well as reputational and legal risks, of conducting business and utilizing supply chains under military control in Burma," he said.

State-owned enterprises, gems and precious metals, real estate and construction projects, arms, military equipment and related activities are the industries identified as primary ones that provide resources for the military.

On Feb. 1, 2021, the Myanmar military overthrew the country’s democratically-elected civilian government in a coup d’etat.

Since then, the military has killed more than 1,400 people and unjustly arrested political leaders and journalists.