Description
The Office of Foreign Assets Control (OFAC) is a financial intelligence and enforcement agency of the U.S. Treasury Department. It administers and enforces economic and trade sanctions in support of U.S. national security and foreign policy objectives.[3] Under presidential national emergency powers, OFAC carries out its activities against foreign governments, organizations (including terrorist groups and drug cartels), and individuals deemed a threat to U.S. national security.
Founded in 1950 as the Division of Foreign Assets Control, since 2004 OFAC operates under the Office of Terrorism and Financial Intelligence within the Treasury Department. It is primarily composed of intelligence targeters and lawyers. While many of OFAC's targets are broadly set by the White House, most individual cases are developed as a result of investigations by OFAC's Office of Global Targeting (OGT).
Sometimes described as one of the "most powerful yet unknown" government agencies, OFAC has the power to levy significant penalties against entities that defy its directives, including imposing fines, freezing assets, and barring parties from operating in the United States.
