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OFAC meaning

SME
Construction Materials and Engineering
From Canada
To New Zealand
10 views / 1 experts
Leon L.
Jul 28, 2022

What Is OFAC?

1 answer

Jul 28, 2022

The Office of Foreign Assets Control (OFAC) acts as the intelligence and enforcement arm of the U.S. Department of Treasury. The OFAC plays a vital role in preventing money laundering and keeps a sanctions list of blocked persons and sanctioned countries for national security purposes.

OFAC is tasked with using the United States’ economic force to help enact foreign policy, anti-proliferation, and other goals. OFAC sanctions are listed on the OFAC website, and companies must do their due diligence to avoid business dealings with individuals, organizations, and countries to avoid harsh fines and penalties.

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