U.S. repeals some sanctions on Myanmar

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WASHINGTON, Sept. 26 (UPI) -- The U.S. Treasury Department announced Wednesday it was repealing rules that placed certain restrictions on financial institutions in Myanmar.

The department's Financial Crimes Enforcement Network said it was repealing a 2004 rule targeting Myanmar Mayflower Bank and Asia Wealth Bank. A 2003 measure identifying those institutions as primary money laundering entities was also withdrawn.

"These financial institutions no longer exist and thus pose no further threat to financial systems," the department said in a statement. "The Treasury Department looks forward to collaborating with the government of Burma on mutual issues of concern to combat international money laundering and the financing of terrorism."

Myanmar, formerly known as Burma, has earned accolades for taking steps toward democracy that began with general elections in 2010. Aung San Suu Kyi, a former political prisoner turned parliamentarian, was feted by the White House last week during her visit with U.S. leaders.

The Treasury Department last week announced it was lifting sanctions imposed on Myanmar's President Thein Sein and Lower House of Parliament Speaker Thura Shwe Mann for their role in political reform.