US advisory warns Businesses against working in Myanmar following Coup

Last Wednesday, the United States issued a business advisory for Myanmar warning heightened risks concerned with doing business in the country when the military is involved. The advisory stated that businesses should be wary of illicit financial, reputational, and legal risks in doing business in the country.

“The coup and subsequent abuses committed by the military have fundamentally changed the direction of the economic and business environment in Burma,” the advisory said.

Nearly a year ago, the Myanmar military seized control over the government in a coup after complaints of fraud surrounding the November 2020 elections arose. Democratic representative, Aung San Kyi’s party won the election, however, electoral monitoring groups found no evidence of mass fraud.

“The return of military rule in Burma brings with it high levels of public corruption and a deficient anti-money laundering regime,” Under Secretary of the Treasury for Terrorism and Financial Intelligence Brian Nelson said in a statement.

The advisory went on to cite how state-owned enterprises, precious metals, real estate, and military equipment, are of greatest concern. This advisory has come out after major oil companies TotalEnergies and Chevron announced that they will be withdrawing from the country, citing the worsening humanitarian situation following the coup.

Source: Rappler