Office of Foreign Assets Control
What is Office of Foreign Assets Control?
Office of Foreign Assets Control (OFAC) is an office within the U.S. Department of Treasury that is responsible for administering and enforcing the economic and trade sanctions in accordance with the US foreign policy and national security interests.
What It Means
OFAC may enforce sanctions against individuals, entities, or countries. The scope of sanctions depends on the foreign policy objectives and may be comprehensive or selective in nature. The sanctions may entail blockage of assets, prohibition of transactions, and other trade restrictions. OFAC may allow exceptions from the prohibitions through case-by-case exemptions or general licenses to conduct categories of transactions.
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