Office of Foreign Asset Control (OFAC)

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Definition of 'Office of Foreign Asset Control (OFAC)'

The Office of Foreign Asset Control (OFAC) is a bureau of the United States Department of the Treasury. OFAC is responsible for administering and enforcing economic and trade sanctions against targeted foreign countries, terrorists, international narcotics traffickers, and other rogue actors.

OFAC's sanctions are designed to achieve a variety of foreign policy and national security objectives, including:

* Isolating rogue regimes and denying them access to the U.S. financial system
* Disrupting the activities of terrorist organizations and their supporters
* Preventing the proliferation of weapons of mass destruction
* Combating transnational organized crime

OFAC sanctions can take a variety of forms, including:

* Banning the import or export of goods and services to or from a sanctioned country
* Blocking the assets of sanctioned individuals or entities
* Prohibiting U.S. persons from doing business with sanctioned entities

OFAC sanctions are enforced through a variety of mechanisms, including:

* Criminal prosecution
* Civil penalties
* Administrative sanctions

OFAC is a powerful tool that the U.S. government can use to achieve its foreign policy and national security objectives. However, OFAC sanctions can also have unintended consequences, such as harming innocent civilians or disrupting legitimate trade. OFAC carefully weighs the potential benefits and costs of sanctions before taking action.

If you are doing business internationally, it is important to be aware of OFAC sanctions. You can find more information about OFAC sanctions on the OFAC website.

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