What is Office of Foreign Asset Control (OFAC)?

Part of the U.S. Department of the Treasury, the Office of Foreign Asset Control (OFAC) is responsible for enforcing economic and trade sanctions that are in the interests of U.S. foreign policy and national security. These targets include foreign regimes, terrorists, drug traffickers, and others engaged in illegal activities. The OFAC also has the power to freeze assets, impose fines, and ban entities from operating within the U.S.