US Office of Foreign Assets Control (OFAC)

What Is the US Office of Foreign Assets Control (OFAC)?

The US Office of Foreign Assets Control (OFAC) is a division of the U.S. Department of Treasury that administers and enforces economic sanctions programs against foreign countries, terrorists, international narcotics traffickers, and other threats to national security. OFAC works with other federal agencies to identify individuals or entities subject to these sanctions in order to protect the United States from potential terrorist attacks or financial losses due to illegal activities. It also monitors transactions involving sanctioned parties and ensures compliance with applicable laws and regulations.

OFAC maintains lists of blocked persons, which are updated regularly as new information becomes available about those who may pose a threat to national security or violate existing sanctions programs. These lists include names such as Specially Designated Nationals (SDNs), Blocked Persons List (BPLs), Sectoral Sanctions Identifications List (SSILs), Non-Proliferation Sanctions Lists (NPSLs), Terrorism Exclusion Lists (TELs) and more. Companies must ensure they do not conduct business with any person on one of these lists in order for their transactions not be considered illegal under OFAC’s regulations.

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