Office of Foreign Assets Control
/ˈɒfɪs əv ˈfɔːrɪn ˈæsɛts kənˈtroʊl/
Definitions
- (n.) A U.S. Treasury Department office responsible for administering and enforcing economic and trade sanctions based on U.S. foreign policy and national security goals.
The Office of Foreign Assets Control imposed sanctions on the foreign bank for violating trade restrictions.
Forms
- office of foreign assets control
Related terms
See also
Commentary
Often abbreviated as OFAC, commonly referenced in compliance and international trade law contexts.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.