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Office of Foreign Asset Control
(redirected from OFAC)

   Also found in: Acronyms 0.01 sec.
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.


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OFAC says the alleged violations occurred between 2004 and 2006.
The exports resulting in the OFAC fine occurred in September 2005, prior to APC's objection to Cuba sales.
lt;p>IM move sets the tone<p>Though OFAC has not explicitly prohibited Web communication services, Burns says the fact that Microsoft, Google and AOL have all turned off IM services, possibly at OFAC's request, should be a clear signal.
 
 
 
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