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 ?
According to OFAC, in the spring of this year alone, the IRGC-QF used more than a dozen tankers from this network to ship about 10 million barrels of crude oil, mostly to Syria, with a value of more than $500 million.
STS transfer refers to the transfer of cargoes from one ship to another while at sea rather than at port, according to the OFAC. It added that this method is commonly used by Pyongyang to circumvent U.N.
The OFAC earlier in November sanctioned over 700 individuals, entities, aircraft, and vessels as part of the US administration's re-imposition of anti-Iran sanctions that had been lifted under the 2015 nuclear agreement.
"They will have a tough time ahead and need to talk OFAC into allowing them [to maintain their contracts]".
Earlier this month, a spokeswoman for the US Postal Service told the Iran Times that the Census Bureau and US Customs and Border Enforcement had dropped their insistence that the Postal Service demand an EEI form and would fall in line with OFAC's policy.
OFAC worded a strong statement that Russian government operates for the disproportionate benefits of oligarchs and government elites.
companies and any person located in the United States, are subject to OFAC's regulations.
The company's OFAC scanning technology, IQ AutoScan, will be integrated into Banker's Toolbox's existing product suite.
The sanctions imposed on El Aissami by OFAC, under the Foreign Narcotics Kingpin Designation Act, freeze his assets estimated by various accounts to be ranging from tens of millions of dollars to (http://www.miamiherald.com/news/nation-world/world/americas/venezuela/article132494809.html) $3 billion.
OFAC posted a notice Wednesday to its website announcing the deletion from its sanctions list of "Atbara Cement Company Limited, P.O.
Treasury Department and John Smith, Acting Director of the Office of Foreign Assets Control (OFAC).