Office of Foreign Assets Control (OFAC)
| Office of Foreign Assets Control | |
|---|---|
| CITATION | U.S. Department of Treasury - OFAC |
| ENACTED | Created in December 1950 |
| SUMMARY | The OFAC is under the U.S. Department of Treasury which administers and enforces economic and trade sanctions based on U.S. 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 U.S. OFAC acts under Presidential national emergency powers, as well as authority by specific legislation, to impose controls on transactions and freeze assets under U.S. jurisdiction. |
| DATA COVERED | OFAC is an office of the Department of Treasury. It collects information related to enforcement of economic and trade sanctions based on U.S. foreign policy and national security goals. |
| INDUSTRY |
All U.S. persons must comply with OFAC regulations, including all U.S. citizens and permanent resident aliens regardless of where they are located, all persons and entities in the U.S., all U.S. incorporated entities and foreign branches. OFAC provides downloadable guidelines and FAQs for specific industries, including the following:
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| PENALTIES |
Civil penalties for violations are the greater of two hundred fifty thousand dollars ($250,000) or 2 times the amount of the transaction. Criminal penalties range from one million dollars ($1,000,000) per violation and up to 20 years imprisonment, or both. |
