Financial Crime World

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UK Imposes Fresh Financial Sanctions on Myanmar Entities

The UK government has taken a significant step to hold those accountable for human rights abuses in Myanmar. In an update to its sanctions list, the Office of Financial Sanctions Implementation (OFSI) has added International Gateways Group of Companies Limited (IGGC) to the list.

Targeting Human Rights Abusers

IGGC is accused of making funds available to the Myanmar security forces, which have a track record of serious human rights violations and repression of the civilian population. The company’s involvement in fundraising events for the Rakhine clearance operations in 2017 has been highlighted as a significant concern.

Designation Under Myanmar (Sanctions) Regulations

IGGC has been designated under the Myanmar (Sanctions) Regulations 2021, which impose financial sanctions on individuals and entities involved in undermining democracy and committing human rights abuses in Myanmar. As a result:

  • The company’s assets in the UK are now frozen.
  • UK citizens are prohibited from making funds available to IGGC.

International Community Stands with Myanmar

The move is part of a broader effort by the international community to hold Myanmar accountable for its human rights record. In 2017, the Myanmar security forces murdered, raped, and tortured thousands of Rohingya during the Rakhine clearance operations. Over 740,000 Rohingya were forced over the border into Bangladesh.

“The UK stands with the people of Myanmar in their quest for justice and accountability,” said a spokesperson for the Foreign, Commonwealth & Development Office. “We will continue to work with international partners to impose sanctions on those who have committed human rights abuses and undermined democracy in Myanmar.”

Key Points:

  • International Gateways Group of Companies Limited (IGGC) has been added to the UK’s sanctions list
  • The company is accused of making funds available to the Myanmar security forces, which have a track record of serious human rights violations and repression of the civilian population
  • IGGC contributed to fundraising events for the Rakhine clearance operations in 2017
  • The company’s assets in the UK are now frozen, and UK citizens are prohibited from making funds available to them

Background:

  • Myanmar security forces have a track record of serious human rights violations and repression of the civilian population
  • In 2017, over 740,000 Rohingya were forced over the border into Bangladesh following the Rakhine clearance operations
  • The international community has imposed sanctions on individuals and entities involved in undermining democracy and committing human rights abuses in Myanmar