The office of Foreign Assets Control

The Office of Foreign Assets Control (OFAC) is an essential organizational structure in U.S. Department of the Treasury. It implements and enforces economic and trade sanctions based on US foreign policy and national security goals against targeted foreign countries, terrorists and international narcotics traffickers who threaten to the national security, foreign policy or economy of the United States.

OFAC offers different resources such as sanctions lists, sanctions programs and country information, news and frequently updated content, apply for an OFAC license and general OFAC information and guidance.

Specially Designated Nationals list is an important part in sanctions lists. The assets from targeted countries, individuals, groups, and entities are blocked and U.S. persons are prohibited from dealing with them. Besides, all of non-SDN sanctions lists will be included in the Consolidated Sanctions List. In the future, if OFAC creates a new non-SDN style list, the office will add the new data associated with that list to these consolidated date files if appropriate.

We can also search OFAC’s sanctions lists to search a person to make sure if we can trade with him or her. For example, if we search Joaquin Guzman, it will show his basic information and his category. If he is strong in category, we can’t trade with him basically.

A company can apply for an OFAC license which is an authorization from OFAC to engage in a transaction that otherwise would be prohibited. Besides, OFAC administers a number of different sanctions programs to block the assets and trade restrictions to accomplish foreign policy and national security goals such as North Korean sanctions, Cuba Sanctions and Iran Sanctions

Financial Crimes Enforcement Network (FinCEN) is a bureau of the United States Department of the Treasury that collects and analyzes information about financial transactions in order to combat domestic and international money laundering,