The Office of Foreign Assets Control (OFAC) is a financial intelligence and enforcement agency of the U.S. Treasury Department charged with planning and execution of economic and trade sanctions in support of U.S. national security and foreign policy objectives. Under Presidential national emergency powers, OFAC carries out its activities against foreign states as well as a variety of problematic organizations and individuals, like terrorist groups, deemed to be a threat to U.S. national security.
As a component of the U.S. Treasury Department, OFAC operates under the auspices of the Office of Terrorism and Financial Intelligence and is primarily composed of intelligence targeting and lawyers. While many of OFAC’s targets are broadly set by the White House, most individual cases are developed as a result of lengthy investigations by OFAC’s Office of Global Targeting (OGT).
Often described as one of the most powerful yet unknown government agencies, OFAC has been in existence for more than a half-century and is playing an increasingly significant role as a foreign policy lever of the U.S. government. The agency is empowered to levy significant penalties against entities that defy it, including imposing colossal fines, freezing assets, and altogether barring parties from operating in the U.S.
These days, the Terrorist Registry search has become an incredibly effective tool to help ensure that the employer is diligent in effectively preventing persons or entities associated with terrorist activities to infiltrate their business.
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