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The United States is preparing to amend sanctions on Myanmar after banks complained they can't finance trade that goes through the nation's main port terminal because it is run by a blacklisted business tycoon. State Department officials have been sounding out Congress about remedial policies, which an administration official said could take effect as early as next week. The administration is keen to promote economic growth with the country also known as Burma, which recently held landmark elections, but its fix could draw criticism from US lawmakers and human rights groups. It would mean giving the green light to banks to process transactions related to trade that passes through a container port terminal in the main city of Yangon that is run by Steven Law, the son of a deceased heroin kingpin. He heads one of Myanmar's largest conglomerates, Asia World, that flourished under the former ruling junta. Two associations representing many of the world's largest commercial banks, The Clearing House and The Bankers Association for Finance and Trade, have requested a sanctions work-around to Treasury's Office of Foreign Assets Control. In a July letter they warned that trade with Myanmar could otherwise be impacted badly. But the request comes at a sensitive time, according to the Jakarta Post.
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