Office of Foreign Assets Control Guide, Meaning , Facts, Information and Description
The
Office of Foreign Assets Control (
OFAC) of the
United States Department of the Treasury administers and enforces
economic and
trade sanctions based on US
foreign policy and
national security goals against targeted foreign
countries,
terrorists, unapproved international
narcotics traffickers, and those engaged in activities related to the unapproved proliferation of
weapons of mass destruction. OFAC acts under
presidential wartime and national emergency powers, as well as authority granted by specific legislation, to impose controls on transactions and freeze foreign assets under US jurisdiction. Many of the sanctions are based on
United Nations and other international mandates, are multilateral in scope, and involve close cooperation with allied governments.
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