Office of Foreign Asset Control

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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Mavent's review services include the Office of Foreign Asset Control (OFAC); Real Estate Settlement Procedures Act (RESPA); Home Mortgage Disclosure Act (HMDA) regulations; Truth in Lending Act (TILA) analysis; federal, state and local antipredatory lending laws; and lender and broker license verification.
Faster approval of shipments to restricted areas through an automatic review process for Office of Foreign Asset Control (OFAC) regulations;
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