OFAC – Office of Foreign Assets Control
General
PL: OFAC – Biuro Kontroli Aktywów Zagranicznych USA | DE: OFAC – US-Amt für die Kontrolle ausländischer Vermögenswerte
Definition
OFAC (Office of Foreign Assets Control) is a US Treasury Department agency responsible for administering and enforcing US economic and trade sanctions. OFAC maintains the SDN (Specially Designated Nationals) list. OFAC sanctions have extraterritorial reach – they can affect European companies trading in USD or using the US financial system.