Singapore and Hong Kong to keep them supplied with luxury goods.

Although the US sanctions can ban only American individuals and institutions from dealing with Burma or with foreign subsidiaries of Burmese companies, the complex, dollar-based nature of the Asian financial world makes it difficult for Burmese businesses to avoid financial links with banks and corporate bodies that are associated in some way with the US Treasury and Department of Commerce.

"The very complexity now introduced by the US Treasury into the 'trade with Burma' debate will cause businessmen such as Tay Za a big headache," said a Bangkok-based analyst. "He can't be sleeping well these nights."

And as David Mathieson of New York-based Human Rights Watch points out: "The US measures will really bite the members of the regime and their cronies without hurting the general public."

Among the other Burmese businessmen targeted by the American sanctions are the

heads of two of Burma's major companies, Yuzana and Zaykabar. The latter is currently developing a 3,000-acre 'garden city' near Rangoon with a 21-hole golf course laid out by a Canadian concern - which might now come under pressure to pull out of the ambitious scheme.

Canada isn't the only country under the spotlight. Singapore is also feeling the glare because Than Shwe and other generals have parked much of their money in Singapore banks, and their wives indulge in regular shopping outings in the boutiques of the Raffles complex.

Singapore is a major US ally in South-east Asia. It now has to weigh the advantages of this special status against the benefits of trading with the Burmese regime.

Singapore may already be bending to the pressure. Although Tay Za's airline, Bagan Air, recently began a regular service from Rangoon to Singapore he was reportedly refused landing rights when he fled Burma at the start of September's demonstrations.