OFAC
Government & Politics abbreviation · US Federal Agency
| Stands for | Office of Foreign Assets Control |
|---|---|
| Categories | Government & Politics |
OFAC stands for Office of Foreign Assets Control, a US federal agency abbreviation.
Administers and enforces US economic and trade sanctions against countries, regimes, terrorists and drug traffickers. This Treasury office maintains the Specially Designated Nationals (SDN) list, whose members have their US assets blocked and with whom Americans generally may not deal.
Example: The exchange froze the wallet after its owner was added to the OFAC sanctions list.
Usage notes
OFAC was formally established in 1950, after China entered the Korean War, but its predecessor, Foreign Funds Control, dates to 1940. Violations can bring civil penalties even when a company did not intend to break the rules, so banks and payment firms screen transactions against OFAC lists automatically.
Related abbreviations
More US federal agency abbreviations
- NTIA – National Telecommunications and Information Administration
- NTSB – National Transportation Safety Board
- NWS – National Weather Service
- OCC – Office of the Comptroller of the Currency
- OCR – Office for Civil Rights
- ODNI – Office of the Director of National Intelligence
- OIG – Office of Inspector General
- OLC – Office of Legal Counsel
- OMB – Office of Management and Budget
- ONDCP – Office of National Drug Control Policy
- OPM – U.S. Office of Personnel Management
- OSHA – Occupational Safety and Health Administration