Myanmar AmericanBurma American
US companies in Myanmar
We' ve compiled a listing of American businesses operating in Myanmar. Myanmar Immortal Trading Co Ltd. is truly a nonprofit, non-governmental organisation with no politics. 17 (A), 148th Street, Kyaukmyaung, Tamwe Township, Yangon, Republic of Myanmar (Burma). Kamayut Township, Mingalar Thu Kha Road, 5 Quarter, Yangon, Myanmar.
Cubicle 6, Room 3, Insein Main Road, Yangon, Myanmar, Insein Ya Da Nar Apartment. Are you looking for a Yangon? or Bagan hotels? We have been founding and operating an Emerald Sea Reserve at Ngwe Saung Beach, Myanmar, since 2000: C-002, Thitsar Garden Estate, Thitsar Road, 8th Auarter, South, Okkalararpa Tsp, Yangon, Myanmar, Southeast Asia.
Our company is based on the principles of Myanmar's best service and the satisfaction of our clients. One of Myanmar's leading tourist companies. No 34/H, Ahlanpya Pagoda Road, Mingalar Taung Nyunt Township, in front of the Park Royal Hotel, Yangon 11221. Myanmar.
U.S. bankers remain choosy about Myanmar remittances
US bankers remain reluctant to transfer funds to and from Myanmar, despite the lifting of most financial penalties in 2012 and 2013. Businessmen say that there are few specific regulations left that prevent transfer, but a superficial sense of the situation in the country and a superficial sense of the situation prevent the transfer of funds between Myanmar and the world's biggest state.
There are some who say that the persistence of the black list of particularly designed nationals (SDN) could also prevent American banking and corporate entities from doing dealings with Myanmar. "U "U.S. financial institutions refuse to conduct operations with Myanmar with a few exceptions," said Eric Rose, Head of Rubin Meyer & Rose Law Firms in Yangon.
This has resulted in companies and even non-governmental organizations (NGOs) having difficulty getting wire transfer to their Myanmar account, even to non-blacklisted ones, he said. Several small and medium-sized US companies wishing to do non-SDN operations in Myanmar have approached Herzfeld Rubin Meyer & Rose to seek guidance from their banking institutions before continuing, Mr Rose said.
"As a result, they decided without exceptions not even to continue with selling because US bankers, even a large US loan with Myanmar that does very small scale operations, will not be transferring money from Myanmar to the US without an SFAC licence, even if no SDN is involved," he said. It is not the character of the Act or the penalties that remain that is the major issue in the slowdown in the pace of the move.
US export of funds to Myanmar's non-sanctioned entities was expressly permitted under the Burma General License 16, which was granted in 2012. The Ayeyarwady and Asia Green Development Banking and five of the country's 25 or so public sector commercial banking houses are still on the US sanction shortlist. Ayeyarwady, Asia Green Development and the state-owned Myanma Economic and Myanma Investment and Commercial were, however, backed by a general license granted in February 2013, which enabled the Americans to open and participate in financing with them.
There are a number of other American penalties. It is also prohibited for Americans to do dealings with defence corporations such as Myanmar Economic Holdings Limited and Myanmar Economic Corporation, two of the country's biggest agglomerates. In addition, the U.S. State Department is requiring corporations that invest more than $500,000 in Myanmar's local economies to submit an environmental audit that discloses a variety of measures in the state.
To date, some 15 businesses have submitted the report, among them Coca-Cola, Colgate Palmolive and Western Union. Despite the drastic reduction in penalties since 2012, Mr Rose said that their persistence could have a "cooling effect" on incoming investments. The US ambassador said that it is the best way for them to respond to a query about their activity, but according to the banking officials with whom they have been talking, the restraint is not due to a misconception of US penalties.
"Rather, as with other international investment, it is the various policy and business drivers that make up Myanmar's cost-benefit assessment and risky profile," the spokesman said. At last month's Brief, US government staff also drew attention to misgivings about combating financial crime, which were included in the calculations of risks of non-German financial institutions.
Burma appears on routine observation sheets issued by the Financial Action Task Force (FATF). You added that doing more with Myanmar is an in-house choice of bank, not a choice of message. There are those who say that American civil servants underestimate the effects of penalties.
While the FATF report is a problem, Mr Rose said that, alongside Myanmar, a number of other country types are included in their report which are not subject to the same limitations. "He said, "I don't recall any bank having problems with Algeria or Ecuador. "It' s the huge penalties imposed on SDN country related institutions, not the FATF's stance on Myanmar," he said.
Rose added that looking at the due diligence demands of the banking industry, combined with OFAC's reinforcement of the SDN regulations adopted on August 13, 2014, "it is easy to see how US businesses are going in the other direction when it comes to Myanmar funds, considering the enormous fine opportunity when making a big error, and the small deals that US businesses are currently making with Myanmar".
Ayeyarwady Bank's CFO Philippe May said that some global financial institutions go far beyond the control demanded by US Law. "He said, "If the state has the SDN listing, the bank won't do anything there. One part of the issue is the ignorance of the type of penalties.
In Myanmar, often lawyers and regulatory officers are charged with processing incoming and outgoing trades through computer arsenal. Banking can also go beyond the scope of the Act. Myanmar makes their regulatory officers jumpy, they can leave the state out. Avoiding US sub-prime lending and using Singapore dollar instead of dollar is the best way to prevent this is.
Rather than move the whole amount at once and hope that it is not stopped by overly zealous bankers, one individual could instead perform a test move of about $100. While the amount is small, they still use the same procedure when checking whether or not it is permitted.
Overall, however, Mr May said that the persistence of penalties was more damaging to US businesses than to Myanmar. However, an immediate end to the Myanmar sanction is not in prospect. U.S. President Barack Obama last months extended the remainder of the sanction for another year, and any decisions to remove it completely are likely to have to await elections in Myanmar later this year.
U.S. electoral officers such as US majoritarian senator Mitch McConnell have said US officers will be monitoring the elections carefully.