Office of Foreign Assets Control (OFAC)

The Office of Foreign Assets Control (OFAC) is an agency within the U.S. Department of the Treasury responsible for administering and enforcing economic and trade sanctions in support of U.S. foreign policy and national security objectives. It imposes sanctions on designated countries, individuals, companies and organizations, including those linked to terrorism, illicit drug trafficking and the proliferation of weapons of mass destruction. OFAC maintains sanctions lists, oversees asset-blocking measures and issues licenses authorizing certain transactions that would otherwise be prohibited. Its decisions can affect banks, cryptocurrency exchanges, digital-asset businesses and cross-border financial transactions.