The Office of Foreign Assets Control (OFAC) is an agency within the US Treasury Department which is responsible for financial intelligence and economic and trade sanctions. This regulatory authority enforces sanctions that are directed at specific foreign countries, regimes, terrorists, drug traffickers, individuals involved in weapons proliferation, and other threats to US national security, foreign policy, or economy.
Office of Foreign Assets Control (OFAC)
Frequently asked questions
What is the Purpose of OFAC?
OFAC manages and enforces US economic sanctions programs, aligning with US foreign policy, national security, and economic objectives. These programs mainly target:
- Terrorist groups
- International narcotics traffickers
- Sanctioned foreign regimes and countries
OFAC is designed to oversee different sanctions programs, which utilize asset blocking and trade restrictions to achieve foreign policy and national security objectives. For example, OFAC sanction programs cover sanctions related to Russia, Iran, North Korea, Cuba, and so on.
What is an OFAC Check?
Who is Subject to OFAC Regulations?
How Do OFAC Sanctions Work?
What are the Two Types of OFAC Sanctions?
How to Avoid Violating OFAC Sanctions?
Do OFAC Regulations Apply to Virtual Assets?
What are the Consequences of Non-Compliance with OFAC Rules?