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Financial Sanctions: Myanmar

Wednesday, 10 May 2023

This news release is issued to publicise the amendment of 1 entry under the Myanmar Sanctions Regime.

The Myanmar (Sanctions) Regulations 2021 (S.I. 2021/496) were made under the Sanctions and Anti-Money Laundering Act 2018 (the Sanctions Act) and provide for the freezing of funds and economic resources of certain persons, entities or bodies involved in undermining democracy, the rule of law or good governance in Myanmar; the repression of the civilian population in Myanmar; the commission of, or the obstruction of an independent investigation into, a serious human rights violation or abuse in Myanmar; the commission of a violation of international humanitarian law in Myanmar; the obstruction of a humanitarian assistance activity in Myanmar; any other action, policy or activity which threatens the peace, stability or security of Myanmar. The Myanmar (Sanctions) Regulations 2021 extend to the Isle of Man by the Myanmar (Sanctions) (Isle of Man) Order 2021 [S.I. 2021/529].

On 10 May 2023 the Foreign, Commonwealth and Development Office updated the UK Sanctions List.  This list provides details of those designated under sanctions legislation.


Deleted information appears in [square brackets]. Additional information appears in italics.

The following entry has been amended and is still subject to an asset freeze:


    a.k.a: SYNPEX SHWE COMPANY LTD Address: NAT YAY KAN(1)STREET, NO.1259, (35)QUARTER, NORTH DAGON TOWNSHIP, YANGON REGION, Myanmar. Other Information: (UK Sanctions List Ref):MYA0048. (UK Statement of Reasons): The Myanmar Armed Forces have a track record of committing serious human rights violations and violations of international humanitarian law in Myanmar for decades. SS Techniques Company Limited [Synpex Shwe Company Ltd] has been responsible for the brokering of deals for the supply of parts and upkeep of aircraft for the Myanmar Armed Forces since the coup in February 2021. Therefore, SS Techniques Company Limited [Synpex Shwe Co Ltd] has been and is involved in the supply of restricted goods to Myanmar. (Phone number): 9444208886 (Email address): (Type of entity): Private Company (Business Reg No): (1) 107428143 (2) 1661/2015- 2016(YGN) Listed on: 16/06/2022 UK Sanctions List Date Designated: 16/06/2022 Last Updated: [16/06/2022] 10/05/2023 Group ID: 15402.

What you must do

Financial institutions and other persons are required to check whether you maintain any accounts or otherwise hold funds or economic resources for, or provide financial services to, designated individuals. If so, you must freeze such accounts or other funds and, unless licensed by the Treasury, not deal with those funds or economic resources, make those funds or economic resources available to a designated person, or make those funds or economic resources available for the benefit of a designated person.  You must also report your findings to the FIU.

Failure to comply with financial and trade sanctions legislation or to attempting to circumvent its provisions is a criminal offence.

Where a relevant institution has already reported details of accounts, other funds or economic resources held frozen for the designated person, you are not required to report these details again.

Further Information

Consequently the Foreign, Commonwealth and Development Office updated the Consolidated List. This list provides details of those designated under sanctions legislation.

Further details of the sanctions regime related to Myanmar and links to other financial sanctions regimes may be found on the Customs and Excise pages of the Isle of Man Government website.

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