Burma/Myanmar Sanctions Lifted - New Opportunities for Canadian Business

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Most of Canada's economic sanctions against Burma (Myanmar) have been repealed effective today. Enacted in 2007 and touted as being among the most aggressive in the world, Canada's sanctions and export controls prohibited most activities with Burma, including investment, exports and imports, the provision of financial services and technical data, the transiting of ships and aircraft, and dealings with designated persons. These developments will raise new trade and investment opportunities for Canadian business, however firms should proceed with caution as certain restrictions remain in effect.

Today's amendments to the Special Economic Measures (Burma) Regulations (Regulations) can be found here.

Burma has also been listed on Canada's Area Control List (ACL) since 1997. Effective today, Burma has been removed from the ACL so that exports and transfers of goods or technology from Canada to Burma are no longer prohibited.

Certain Sanctions Measures Continue to Apply

Certain economic sanctions will remain in effect. Persons in Canada and Canadians outside Canada are prohibited from dealing with designated persons as listed in the Regulations. The list of designated persons includes 44 companies and 38 individuals. These include prohibitions against:

dealing in any property, wherever situated, held by or on behalf of a designated person;

entering into or facilitating any transaction related to such a dealing;

providing any financial or related service in respect of such a dealing;

making any goods, wherever situated, available to a designated person; or

providing any financial or related service to or for the benefit of a designated person.

In addition to being prohibited from engaging in a wide range of dealings with designated persons, Canadian companies and individuals are also subject to RCMP reporting requirements in respect of property owned or controlled by designated persons and related proposed or actual transactions. ...

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Published In: Antitrust & Trade Regulation Updates, Energy & Utilities Updates, Finance & Banking Updates, International Trade Updates, Mergers & Acquisitions Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© John Boscariol, McCarthy Tetrault LLP | Attorney Advertising

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