Part 1: An Introduction to OFAC Compliance Obligations
By: Maleka Ali
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) administers and enforces sanctions based on U.S. foreign policy and national security goals against targeted individuals and entities.
This includes entities and individuals such as foreign countries, regimes, terrorists, international narcotics traffickers, and those engaged in activities related to the proliferation of weapons of mass destruction.
OFAC acts under the President’s wartime and national emergency authorities, along with powers granted by legislation, to impose controls on transactions and freeze assets. Many of the sanctions are based on international mandates and involve cooperation with allied governments.