License opens U.S. activity in Myanmar

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WASHINGTON, Feb. 22 (UPI) -- A general license authorizing more U.S. economic activity in Myanmar has been issued, the Treasury Department said Friday.

The general license, issued by the Office of Foreign Assets Control, allows individuals, companies and financial institutions to conduct most transactions with four major banks in Myanmar, formerly known as Burma, the Treasury Department said in a release.

Treasury officials said the license gives U.S. companies and non-governmental organizations greater access to some of the largest Myanmar's banks and allow these financial entities to access the U.S. financial system.

"Increased access to Burma's banking system for our companies and non-governmental organizations will help to facilitate Burma's continued social and economic development, serve as a model for responsible investment, and help to provide a better future for the Burmese people," said David S. Cohen, treasury undersecretary for terrorism and financial intelligence.

The general license supports the July 2012 easing of U.S. economic sanctions on Myanmar that authorized new investment in the country by U.S. citizens and encourages additional U.S. economic involvement in the Asian country.