OFAC, the Office of Foreign Asset Control, is part of the United States Treasury department that enforces economic sanctions against countries, organizations, and people that are involved, or believed to be involved in terrorism, the trafficking of narcotics, or other criminal activities.
U.S. foreign policy dictates how OFAC enforces these sanctions. OFAC targets those nations, organizations, and individuals who are believed to pose a threat to either the national security or the economic prosperity of the United States. OFAC is empowered to enforce these sanctions by legislation and can also act if given national emergency powers by the President to freeze assets that are under the United States' jurisdiction. The United Nations' mandates are also influential in OFAC's sanctions, and many of the sanctions are enforced with assistance from allied nations. OFAC serves as the international community's enforcer, because it uses trade sanctions to influence and persuade the targeted communities to either alter or halt a dangerous or denounced behavior. The sanctions make it much more difficult for those that are targeted to continue their endeavors because it disrupts their economic activities.
For example, if a group is funding their terrorist activities via a specific item being sold on the international market, sanctions could be created to target that item and eliminate it as a source of revenue for the terrorist group.
OFAC sanctions have targeted Iran, North Korea, and Russia among others. OFAC has also used its power to act against individuals who are known to be involved in illicit activities by freezing assets and blocking any and all property they may own.
This is an OFAC law blog. It is not intended to be used as legal advice. For further information please contact the law offices of attorney Ramona Kennedy.
Ramona Kennedy (Attorney) received her Jurisprudence Doctorate in America and is a licensed attorney in California (USA). Ramona Kennedy is a member of American Immigration Lawyers Association (AILA). Ramona Kennedy is fluent in English and Farsi (reading & writing) & speaks Azeri Turkish.
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