U.S. business advisory, risks associated with doing business in Myanmar
Heightened risks associated with doing business in Myanmar, particularly business transactions involving the military regime
Heightened risks associated with doing business in Myanmar
The U.S. Treasury Department—together with the Departments of State, Commerce, Homeland Security, Labor, and the Office of the U.S. Trade Representative (USTR)—today issued a business advisory to inform the public of the heightened risks associated with doing business in Myanmar, particularly business transactions involving the military regime.
According to a Treasury release, since the military coup in February 2021, the military in Myanmar has engaged in “a pattern of serious human rights abuse against the people of Myanmar.” The coup has also significantly damaged the economic and business environment in Myanmar.
Treasury announced that businesses and individuals with potential exposure to, or involvement in operations or supply chains tied to the military regime that do not conduct appropriate due diligence run the risk of significant reputational, financial, and legal risks, including violations of U.S. anti-money laundering laws and sanctions.
Businesses and financial institutions are encouraged by Treasury to reassess and mitigate the heightened risks posed by the military’s attempts to reassert economic and financial control in Myanmar.
Read the business advisory [PDF 510 KB] (January 26, 2022)
For more information on this topic or to learn more about KPMG’s Trade & Customs Services, contact:
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John L. McLoughlin |
Andy Siciliano |
Steve Brotherton |
Luis (Lou) Abad |
Irina Vaysfeld |
Amie Ahanchian |
Christopher Young |
Gisele Belotto |
George Zaharatos |
Andy Doornaert |
Jessica Libby Principal T: 612-305-5533 E: jlibby@kpmg.com |
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