Export Compliance: What is The Office of Foreign Assets Control (OFAC)?
Export Compliance: The Office of Foreign Assets Control (OFAC) is enforced by the U.S. Department of the Treasury.
What is the OFAC?
Taken from the U.S. Department of Treasury’s website, “The Office of Foreign Assets Control (OFAC) of the US Department of the Treasury administers and enforces economic and trade sanctions based on US foreign policy and national security goals against targeted foreign countries and regimes, terrorists, international narcotics traffickers, those engaged in activities related to the proliferation of weapons of mass destruction, and other threats to the national security, foreign policy or economy of the United States. OFAC acts under Presidential national emergency powers, as well as authority granted by specific legislation, to impose controls on transactions and freeze assets under US jurisdiction. Many of the sanctions are based on United Nations and other international mandates, are multilateral in scope, and involve close cooperation with allied governments.”
To help understand OFAC, the U.S. Department of Treasury has compiled a list of common questions like, “What is OFAC and what does it do?” or How long has OFAC been around?”
Visit: Frequently Asked Questions
The list of frequently asked questions does not substitute for consulting the OFAC instead it should be used as a guide.
If you or your company needs to know in detail the regulations of the U.S. Department of Treasury’s Office of Foreign Assets Control (OFAC). Contact IIEI and ask about The Introduction to OFAC course. The student will study the structure of OFAC regulations and their foundation in law. Also included is an exploration of: Country-based and list-based Sanctions, Specially Designated Nations, Licenses, Reporting, and Recordkeeping. The focus of this course is on providing compliance professionals with a hands-on, working understanding of the practical aspects of OFAC skills.
Contact us for more information – via Contact Form, or give us a call! 1-800-474-8013