Treasury Targets Financial Networks of Key Supporters of the Burmese Junta

January 15, 2009
HP-1355

Washington, DC--The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) today applied additional sanctions against key financial backers of the Burmese regime pursuant to the Tom Lantos Block Burmese JADE (Junta's Anti-Democratic Efforts) Act of 2008 and Executive Orders 13448 and 13464.


"Congress and the Administration have made clear the need to apply vigorous sanctions against the Burmese junta as long as it continues to suppress democratic dissent," said OFAC Director Adam J. Szubin. "The junta's imprisonment of prominent democracy advocates confirms Burma's unwillingness to abide by international commitments and underscores the need to maintain pressure against one of the world's worst violators of human rights."
Today's action adds two individuals and 14 companies to OFAC's List of Specially Designated Nationals. OFAC has now subjected 100 individuals and entities to its Burma sanctions, targeting key state-owned enterprises, senior junta officials, regime cronies and their business networks.
This most recent action targets regime cronies Zaw Zaw and Win Aung, along with their business networks and the business networks of two already-designated cronies of the Burmese junta, Tay Za and Steven Law.
Zaw Zaw is the managing director of the Max Myanmar Group of Companies, a Burmese entity with interests in the gem, timber, construction, and tourism industries. Max Myanmar has provided important services in support of the Burmese junta, particularly in the form of construction projects. Treasury's action targets eight companies of the Max Myanmar Group as well as Zaw Zaw's Singapore-based company, Max Singapore International Pte. Ltd.
Win Aung has made large financial donations to the Burmese junta and has provided services in support of the regime on significant construction projects. Win Aung is being designated along with two of his companies, Dagon International Limited and Dagon Timber Limited.
OFAC is levying a third round of sanctions against the financial network of Tay Za, a notorious regime henchman and arms dealer who was listed by the President in the Annex to Executive Order 13448 on October 18, 2007, an Executive Order issued in response to the Burmese junta's brutal crackdown on pro-democracy protesters. Today's action targets Espace Avenir, a Rangoon hotel owned or controlled by Tay Za.
In addition, today's action targets Sentosa Treasure Pte. Ltd., a Singaporean firm owned by Cecilia Ng, who was designated on February 25, 2008, along with her husband, junta crony Steven Law. Also designated are nine firms that previously had been identified as being owned by Ng.
Finally, OFAC is targeting Myanmar Ivanhoe Copper Company Limited (MICCL), a joint venture owned or controlled by the Burmese state-owned No. 1 Mining Enterprise, which was designated on July 29, 2008. MICCL controls the Monywa copper project, the biggest of its kind in the country, located in Myanmar's northwestern Sagaing division.
As a result of today's action, any assets the designees may have subject to U.S. jurisdiction are frozen, and all financial and commercial transactions by any U.S. person with the designated companies and individuals are prohibited.






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