What Is OFAC (Office of Foreign Assets Control)?

The Office of Foreign Assets Control (OFAC) is a division of the U.S. Department of the Treasury that administers and enforces U.S. economic and trade sanctions. Established in 1950, OFAC acts under presidential national emergency authority — chiefly the International Emergency Economic Powers Act (IEEPA) — to advance U.S. foreign policy and national security.

OFAC’s core functions include maintaining the Specially Designated Nationals (SDN) List, blocking the assets of sanctioned individuals, entities, and countries, and issuing licenses that authorize otherwise-prohibited transactions. Its rules apply to all U.S. persons, as well as any transaction that touches the U.S. financial system.

Facing an OFAC issue? Contact our sanctions attorneys