UK sanctions Myanmar's state-owned gem enterprise

[LONDON] Britain on Monday announced sanctions on the Myanmar Gems Enterprise (MGE), in the latest action to target sources of funding for the ruling military junta.

"The military junta in Myanmar continues to crush democracy and attack its own people with brutal ferocity," said Foreign Secretary Dominic Raab.

"We are working with our allies to impose sanctions that hit the junta's access to finance, and deliver a return to democracy." The Foreign Commonwealth and Development Office said the action, which follows a similar move by the United States last month, would be enforced with immediate effect and "deprive the junta of a key source of funding".

MGE is a state-owned enterprise which oversees Myanmar's multi-billion dollar gem activities and is now under the regime's control following the military coup on February 1.

Myanmar is one of the world's largest producers of rubies and jade.

The sanctions prevent anyone from dealing with funds owned or controlled by the MGE and held in the UK.

The Burma Campaign UK pressure group called on the government to go even further.

"Today's new sanctions are another positive step by the British government towards cutting revenue going to the military," said Anna Roberts, the group's executive director.

"The government now needs to move swiftly to ban imports of gems..., and expand sanctions to the timber industry as well." Britain has already announced sanctions against the Myanmar Economic Corporation (MEC) and another military-linked conglomerate called Myanmar Economic Holdings Ltd (MEHL).

Through the two highly secretive conglomerates, at least 133 companies in the country are wholly or partially overseen by generals, according to the campaign group Justice For Myanmar.

AFP