Washington: The United States has warned companies and individuals of “heightened risks” of doing business in Myanmar due to the unstable situation in the country after the military took power a year ago, according to an advisory published on Wednesday.
“The US Departments of State, the Treasury, Commerce, Labor, Homeland Security and the Office of the US Trade Representative are issuing this advisory to inform individuals, businesses, financial institutions, and other persons, including investors, consultants, and research service providers of the heightened risks associated with doing business in the country, and in particular with the military regime, which is involved in human rights abuses,” the advisory said.
Businesses and individuals that do not appropriately verify whether they are involved in operations with the Myanmar military may be subjected to significant reputational, financial, and legal risks, including sanctions, according to the advisory.
The military came to power in Myanmar on February 1 on the pretext that the National League for Democracy party, then in power, had rigged the November 2020 general election. The military coup caused a wave of deadly civil protests.