Office of Foreign Asset Control
U.S. Patriot Act Searches – Office of Foreign Asset Control (OFAC)-Searches a government “terrorist” list of individuals wanted for questioning involving possible financial crimes.
Nonproliferation Sanctions – The United States imposes sanctions under various legal authorities against foreign individuals, private entities, and governments that engage in proliferation activities.
Parties engaged in Proliferation Sanction List – Sanction List that focuses on foreign individuals, private entities, and government agencies that engage in proliferation activities.
MORE INFORMATION ON: OFFICE OF FOREIGN ASSET CONTROLS – (OFAC)
Purpose: The Office of Foreign Assets Control which is part of the US Department of the Treasury manages and enforces trade sanctions and economic sanctions through the US foreign policy and national security enforcements against regimes, terrorists, international narcotics traffickers, those engaged in activities related to the proliferation of weapons of mass destruction and other threats to national security and the economy of the United States. The OFAC acts under the Presidential national emergency power which allows them to impose controls on specific transactions and freeze assets under the US jurisdiction.
Source: The OFAC search or the Office of Foreign Assets Controls search is conducted through the United States Department of the Treasury which administers and enforces the United States’ economic and trade sanctions. The OFAC search is governed under the auspices of the Under Secretary of the Treasury for Terrorism and Financial Intelligence. OFAC was created in 1950 immediately after the entry of China in the Korean War because President Truman declared a national emergency blocking all Chinese and North Korean assets from the US.
Benefits of the Search: This search allows US firms to ensure they are not doing business with individuals or firms being sanctioned by the US or individuals involved in terrorist, narcotics and other disreputable activities that could negatively affect the company as a whole.
Who needs to be OFAC compliant? All organizations both big and small.