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Eugene

(61,593 posts)
Thu Mar 4, 2021, 07:20 PM Mar 2021

U.S. blocked Myanmar junta attempt to empty $1 billion New York Fed account - sources

Source: Reuters

U.S. MARKETS
MARCH 4, 2021 2:35 PM UPDATED AN HOUR AGO

Exclusive: U.S. blocked Myanmar junta attempt to empty $1 billion New York Fed account - sources

By Simon Lewis, Humeyra Pamuk
5 MIN READ

WASHINGTON (Reuters) - Myanmar’s military rulers attempted to move about $1 billion held at the Federal Reserve Bank of New York days after seizing power on Feb. 1, prompting U.S. officials to put a freeze on the funds, according to three people familiar with the matter, including one U.S. government official.

The transaction on Feb. 4 in the name of the Central Bank of Myanmar was first blocked by Fed safeguards. U.S. government officials then stalled on approving the transfer until an executive order issued by President Joe Biden gave them legal authority to block it indefinitely, the sources said.

A spokesman for the New York Fed declined to comment on specific account holders. The U.S. Treasury Department also declined to comment.

The attempt, which has not been previously reported, came after Myanmar’s military installed a new central bank governor and detained reformist officials during the coup.

It marked an apparent effort by Myanmar’s generals to limit exposure to international sanctions after they arrested elected officials, including de facto leader Aung San Suu Kyi, who had won a national election in November. The army seized power alleging fraud, claims that the electoral commission has dismissed.

-snip-


Read more: https://www.reuters.com/article/us-myanmar-politics-usa-fed-exclusive/exclusive-u-s-blocked-myanmar-junta-attempt-to-empty-1-billion-new-york-fed-account-sources-idUSKCN2AW2MD
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U.S. blocked Myanmar junta attempt to empty $1 billion New York Fed account - sources (Original Post) Eugene Mar 2021 OP
Trump would have asked them to buy one of his buildings with part applegrove Mar 2021 #1
Kushner would have moved the entire amount to an offshore account. Irish_Dem Mar 2021 #2
+1 bronxiteforever Mar 2021 #4
+1 bronxiteforever Mar 2021 #3

applegrove

(118,020 posts)
1. Trump would have asked them to buy one of his buildings with part
Thu Mar 4, 2021, 07:23 PM
Mar 2021

of it and then let them have the rest.

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