Us Office Of Foreign Assets Control (Ofac)
| The United States Office of Foreign Assets Control (OFAC) is a financial intelligence and enforcement agency within the U.S. Department of the Treasury. OFAC's mission is to administer and enforce economic and trade sanctions based on U.S. foreign policy and national security goals against targeted foreign countries, terrorists, international narcotics traffickers, and those engaged in activities related to the proliferation of weapons of mass destruction. OFAC carries out its mission by identifying and targeting individuals, companies, and financial institutions that are involved in sanctioned activities. OFAC then freezes their assets and prohibits them from conducting financial transactions within the U.S. financial system. In addition to freezing assets, OFAC can also issue fines and penalties for violations of sanctions. OFAC is responsible for the implementation and enforcement of a number of different sanctions programs. The most well-known of these is the embargo against Cuba, which has been in place since 1962. Other sanctions programs target countries such as Iran, North Korea, and Syria. OFAC also administers sanctions that are related to counterterrorism, narcotics trafficking, and the proliferation of weapons of mass destruction. Since its inception, OFAC has been involved in a number of high-profile cases. In recent years, OFAC has targeted individuals and entities involved in terrorism, money laundering, and the proliferation of weapons of mass destruction. In 2010, OFAC reached a settlement with HSBC, one of the world's largest banks, for its role in facilitating transactions on behalf of sanctioned countries and entities. As part of the settlement, HSBC agreed to pay a $1.256 billion fine. In addition to its enforcement actions, OFAC also provides guidance to the private sector on compliance with sanctions. OFAC publishes a number of resources, including Frequently Asked Questions, guidance documents, and lists of sanctioned individuals and entities. OFAC also offers compliance training for the private sector. |
Share this glosssary
