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Office of Foreign Assets Control: Difference between revisions
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The '''Office of Foreign Assets Control''' ('''OFAC''') is a [[financial intelligence]] and enforcement agency of the [[United States Department of the Treasury|United States Treasury Department]]. It administers and enforces economic and trade [[economic sanctions|sanctions]] in support of U.S. [[National Security of the United States|national security]] and [[Foreign policy of the United States|foreign policy]] objectives.<ref name="min">{{cite journal|author1=Tom C.W. Lin|title=Financial Weapons of War |journal=[[Minnesota Law Review]] |date=April 2016|volume=100|issue=4| pages=1377–1440| url= http://www.minnesotalawreview.org/wp-content/uploads/2016/04/Lin_ONLINEPDF.pdf }}</ref> Under [[Executive order|presidential national emergency powers]], OFAC carries out its activities against foreign governments, organizations (including terrorist groups and drug cartels), and individuals deemed a threat to U.S. national security.<ref name="Treasury's War book">{{cite book | title=Treasury's War | publisher=PublicAffairs | author=Zarate, Juan C. | year=2013 | location=New York | isbn=9781610391153}}</ref> | The '''Office of Foreign Assets Control''' ('''OFAC''') is a [[financial intelligence]] and enforcement agency of the [[United States Department of the Treasury|United States Treasury Department]]. It administers and enforces economic and trade [[economic sanctions|sanctions]] in support of U.S. [[National Security of the United States|national security]] and [[Foreign policy of the United States|foreign policy]] objectives.<ref name="min">{{cite journal|author1=Tom C.W. Lin|title=Financial Weapons of War |journal=[[Minnesota Law Review]] |date=April 2016|volume=100|issue=4| pages=1377–1440| url= http://www.minnesotalawreview.org/wp-content/uploads/2016/04/Lin_ONLINEPDF.pdf }}</ref> Under [[Executive order|presidential national emergency powers]], OFAC carries out its activities against foreign governments, organizations (including terrorist groups and drug cartels), and individuals deemed a threat to U.S. national security.<ref name="Treasury's War book">{{cite book | title=Treasury's War | publisher=PublicAffairs | author=Zarate, Juan C. | year=2013 | location=New York | isbn=9781610391153}}</ref> | ||
Founded in 1950 as the Division of Foreign Assets Control, since 2004 OFAC has operated under the [[Office of Terrorism and Financial Intelligence]] within the Treasury Department. It is primarily composed of intelligence targeters and lawyers. While many of OFAC's targets are broadly set by the [[White House]], most individual cases are developed as a result of investigations by OFAC's Office of Global Targeting (OGT).<ref name="reuters.com">Yukhananov, Anna, and Warren Strobel, [https://www.reuters.com/article/us-usa-sanctions-insight-idUSBREA3D1O820140415 "After Success on Iran, U.S. Treasury's Sanctions Team Faces New Challenges"], | Founded in 1950 as the Division of Foreign Assets Control, since 2004 OFAC has operated under the [[Office of Terrorism and Financial Intelligence]] within the Treasury Department. It is primarily composed of intelligence targeters and lawyers. While many of OFAC's targets are broadly set by the [[White House]], most individual cases are developed as a result of investigations by OFAC's Office of Global Targeting (OGT).<ref name="reuters.com">Yukhananov, Anna, and Warren Strobel, [https://www.reuters.com/article/us-usa-sanctions-insight-idUSBREA3D1O820140415 "After Success on Iran, U.S. Treasury's Sanctions Team Faces New Challenges"], Reuters, April 14, 2014.</ref> | ||
Sometimes described as one of the "most powerful yet unknown" government agencies,<ref name="reuters.com"/><ref>Rubenfeld, Samuel. [https://blogs.wsj.com/riskandcompliance/2014/02/05/ofac-rises-as-sanctions-become-a-major-policy-tool "OFAC Rises as Sanctions Become A Major Policy Tool"], ''[[Wall Street Journal]]'', February 5, 2014</ref> OFAC has the power to levy significant penalties against entities that defy its directives, including imposing fines, freezing assets, and barring parties from operating in the U.S. | Sometimes described as one of the "most powerful yet unknown" government agencies,<ref name="reuters.com"/><ref>Rubenfeld, Samuel. [https://blogs.wsj.com/riskandcompliance/2014/02/05/ofac-rises-as-sanctions-become-a-major-policy-tool "OFAC Rises as Sanctions Become A Major Policy Tool"], ''[[Wall Street Journal]]'', February 5, 2014</ref> OFAC has the power to levy significant penalties against entities that defy its directives, including imposing fines, freezing assets, and barring parties from operating in the U.S. | ||
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<!--This paragraph is derived mostly from https://www.archives.gov/research/guide-fed-records/groups/265.html#265.1 --> | <!--This paragraph is derived mostly from https://www.archives.gov/research/guide-fed-records/groups/265.html#265.1 --> | ||
Involvement of the U.S. Department of the Treasury in economic sanctions against foreign states dates to the [[War of 1812]], when Secretary [[Albert Gallatin]] administered sanctions against the | Involvement of the U.S. Department of the Treasury in economic sanctions against foreign states dates to the [[War of 1812]], when Secretary [[Albert Gallatin]] administered sanctions against the United Kingdom in retaliation for the [[impressment]] of American sailors.<ref name="Treasury's War book"/><ref name="FAQ">{{cite web | url=http://www.treasury.gov/offices/enforcement/ofac/faq/answer.shtml#2 | title=Frequently Asked Questions | publisher=Office of Foreign Assets Control | access-date=2007-09-17 | url-status=dead | archive-url=https://web.archive.org/web/20071018063052/http://treasury.gov/offices/enforcement/ofac/faq/answer.shtml#2 | archive-date=2007-10-18 }}</ref> | ||
Predecessor agencies of the Division of Foreign Assets Control include Foreign Funds Control (FFC), which existed from 1940 to 1947, and the Office of International Finance (1947 to 1950).<ref>{{Cite web |title=Records of the office of Foreign Assets Control |url=https://www.archives.gov/research/guide-fed-records/groups/265.html |access-date=2024-11-10 |website=www.archives.gov}}</ref><ref name=":0">{{Cite web |title=About OFAC {{!}} Office of Foreign Assets Control |url=https://ofac.treasury.gov/about-ofac |access-date=2024-11-10 |website=ofac.treasury.gov |language=en}}</ref> FFC was established by [[Executive Order 8389]] as a unit of the Office of the Secretary of the Treasury on April 10, 1940. The authority to establish FFC was derived from the [[Trading with the Enemy Act 1917]]. Among other operations, FFC administered wartime import controls over enemy assets and restrictions on trade with enemy states. It also participated in administering the [[Proclaimed List of Certain Blocked Nationals]], or the "Black List", and took [[censuses]] of foreign-owned assets in the US and American-owned assets abroad. FFC was abolished in 1947, with its functions transferred to the newly established [[Office of International Finance]] (OIF). In 1948, OIF activities relating to blocked foreign funds were transferred to the Office of Alien Property, an agency within the [[United States Department of Justice|Department of Justice]].<ref name="Records">{{cite web | title=Records of the Office of Foreign Assets Control | publisher=The National Archives | access-date = 2007-09-17| url=https://www.archives.gov/research/guide-fed-records/groups/265.html#265.1}}</ref> | Predecessor agencies of the Division of Foreign Assets Control include Foreign Funds Control (FFC), which existed from 1940 to 1947, and the Office of International Finance (1947 to 1950).<ref>{{Cite web |title=Records of the office of Foreign Assets Control |url=https://www.archives.gov/research/guide-fed-records/groups/265.html |access-date=2024-11-10 |website=www.archives.gov}}</ref><ref name=":0">{{Cite web |title=About OFAC {{!}} Office of Foreign Assets Control |url=https://ofac.treasury.gov/about-ofac |access-date=2024-11-10 |website=ofac.treasury.gov |language=en}}</ref> FFC was established by [[Executive Order 8389]] as a unit of the Office of the Secretary of the Treasury on April 10, 1940. The authority to establish FFC was derived from the [[Trading with the Enemy Act 1917]]. Among other operations, FFC administered wartime import controls over enemy assets and restrictions on trade with enemy states. It also participated in administering the [[Proclaimed List of Certain Blocked Nationals]], or the "Black List", and took [[censuses]] of foreign-owned assets in the US and American-owned assets abroad. FFC was abolished in 1947, with its functions transferred to the newly established [[Office of International Finance]] (OIF). In 1948, OIF activities relating to blocked foreign funds were transferred to the Office of Alien Property, an agency within the [[United States Department of Justice|Department of Justice]].<ref name="Records">{{cite web | title=Records of the Office of Foreign Assets Control | publisher=The National Archives | access-date = 2007-09-17| url=https://www.archives.gov/research/guide-fed-records/groups/265.html#265.1}}</ref> | ||