The US Treasury on Monday announced new sanctions on two generals behind the recent coup in Myanmar. Maung Maung Kyaw and Moe Myint Tun were added to the Office of Foreign Assets Control’s (OFAC) Specially Designated Nationals list, which blocks their assets and prohibits Americans from doing business with them. Other members of this list include Carrie Lam, the Chief Executive of Hong Kong and Fatou Bensouda, the Chief Prosecutor of the International Criminal Court.
Maung Maung Kyaw and Moe Myint Tun are both high-level generals that have been appointed to the junta’s executive body, the State Administration Council. These sanctions are a continuation of Executive Order 14014, which was signed into effect by President Joe Biden on February 12. The executive order directs the Departments of Treasury and State to identify and sanction those involved in Myanmar’s coup. Fifteen Myanmar individuals and entities have been added to the SDN list as a result of the coup so far, and the Treasury announced that further action will take place unless the democratically elected government of Myanmar is restored.
If an American individual or entity does business with an individual or entity on the SDN list or other OFAC sanctions list, they can be liable for criminal and civil penalties in the millions of dollars, in addition to ten to 30 years in prison if convicted. OFAC compliance can affect unexpected areas; the Myanmar coup sanctions include gemstone companies, and previous Myanmar OFAC sanctions have included airlines and electronics companies.