What Does OFAC Stand For?

OFAC stands for Office Of Foreign Assets Control

The Office of Foreign Assets Control (OFAC) is a division of the U.S. Department of the Treasury responsible for administering and enforcing economic and trade sanctions based on U.S. foreign policy and national security goals. OFAC's primary role is to implement sanctions against targeted foreign countries, regimes, terrorists, and international narcotics traffickers, thereby preventing financial transactions and access to the U.S. financial system for designated individuals and entities.