What is OFAC and what does it do?
The Office of Foreign Assets Control (OFAC) was formally created in December 1950, following the entry of China into the Korean War, when President Truman declared a national emergency and blocked all Chinese and North Korean assets subject to U.S. jurisdiction. Today, OFAC has expanded its role by administering and enforcing economic sanction programs primarily against countries and groups of individuals, such as terrorists and narcotics traffickers. OFAC administers a number of U.S. economic sanctions and embargoes that target geographic regions and governments (such as Cuba, Cote d’Ivoire, Iran, Iraq, Libya, North Korea, Sudan, Liberia, Zimbabwe, Sierra Leone, Syria and Burma [Myanmar]). In addition to targeted countries, it is very important to note that OFAC publishes a list of Specially Designated Nationals and Blocked Persons (“SDN list”) which includes over 3,500 names of companies and individuals who are connected with terrorists and narcotics dealers throughout the world. All
