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Foreign Affairs
Related: About this forumU.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) - Myanmars 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 Myanmars military installed a new central bank governor and detained reformist officials during the coup.
It marked an apparent effort by Myanmars 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-
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) - Myanmars 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 Myanmars military installed a new central bank governor and detained reformist officials during the coup.
It marked an apparent effort by Myanmars 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
applegrove
(118,020 posts)1. Trump would have asked them to buy one of his buildings with part
of it and then let them have the rest.
Irish_Dem
(45,636 posts)2. Kushner would have moved the entire amount to an offshore account.
bronxiteforever
(9,287 posts)4. +1
bronxiteforever
(9,287 posts)3. +1