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[REPEALED AND/OR SUPERSEDED]
§ 537.202 Prohibited exportation or reexportation of financial services to Burma.
Except as authorized, and notwithstanding any contracts entered into or any license or permit granted prior to July 29, 2003, the exportation or reexportation of financial services to Burma, directly or indirectly, from the United States or by a U.S. person, wherever located, is prohibited.
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§ 537.305 Exportation or reexportation of financial services to Burma.
The term exportation or reexportation of financial services to Burma means:
(a) The transfer of funds, directly or indirectly, from the United States or by a U.S. person, wherever located, to Burma; or
(b) The provision, directly or indirectly, to persons in Burma of insurance services, investment or brokerage services (including but not limited to brokering or trading services regarding securities, debt, commodities, options or foreign exchange), banking services, money remittance services;...
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1) While there are no similar examples in the current Part V of Chapter 31 of the CFR, this repealed provision illustrates an application of 537.101 (a boilerplate 5XX.101 provision). 5XX.101 warns that terms may not carry the same definitions across sanctions programs. Here, a funds transfer to Burma was considered an export of "financial services," while in the case of, for example, the Sudanese Sanctions Regulations (See e.g. § 538.413 (2004)), funds transfers were explicitly interpreted as not constituting exports of financial services. In both cases, OFAC explicitly noted differing interpretations of similar language. (In the Federal Register notice introducing this provision (70 FR 48239), OFAC characterized 537.202 as a "explains the unique nature of" the term "exportation or reexportation of financial services to Burma" as meaning "any activity with a monetary aspect").
As discussed...