Office of Foreign Asset Control

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Office of Foreign Asset Control

An agency of the U.S. Treasury Department that enforces economic sanctions. It may freeze the assets of criminal and terrorist groups that are under American jurisdiction. Likewise, it ensures that countries with whom American companies may not trade do not receive U.S. products. It helps guarantee U.S. compliance with United Nations sanctions. OFAC was established during the Korean War. See also: Embargo.
References in periodicals archive ?
After months of squabbling, the OFAC lawyers have each time beat a retreat.
First, an SDN whose property is blocked cuts them off from any business or transactions with the United States and freezes their assets/property in the United States," warned Hal Eren, a former OFAC official whose Washington-based Eren Law Firm advises individuals and companies on how to deal with countries subject to OFAC sanctions.
is a boutique law firm in Washington, DC specializing in OFAC matters.
In this two-hour Live Webcast, the Knowledge Group will walk you through the most significant issues which may arise in the context of OFAC compliance and how to mitigate these risks to avoid sanctions violations and enforcement actions.
While the scenarios surrounding the recent OFAC violation fines have shed new light on the importance of keeping up with OFAC list changes, ATTUS has been providing businesses with top-quality OFAC compliance monitoring for many years now," said Bradley Allen, vice president of ATTUS Technologies.
On April 8, 2015, OFAC designated the CJNG, its close ally the Los Cuinis Drug Trafficking Organization, and their respective leaders and brothers-in-law, Nemesio Oseguera Cervantes (a.
We worked closely with our TSP and others to develop three new people-to-people educational ocean voyages, and were assured that our itineraries met OFAC guidelines," Road Scholar spokeswoman Stacie Fasola told CubaNews.
This is not the first time that OFAC has fined a company for doing transactions with Cuba.
Built-in OFAC Compliance, Automatic Tax Form Collection and 1099/1042 Form Generation Make it Fast and Easy to Send Payments to Businesses or Individuals around the World
Michael Adlem, MENA Fraud Investigation & Dispute Services Leader, EY, says, "The various sanctions programs operated by OFAC impact the bottom line and future strategic decisions of the MENA region.