Office of Foreign Assets Control: Difference between revisions

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 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>
-The Division of Foreign Assets Control, OFAC's immediate predecessor, was established in the Office of International Finance by a Treasury Department order in December 1950, following the entry of the [[People's Republic of China]] into the Korean War;<ref name=":0" /> President [[Harry S. Truman]] declared a [[national emergency]] and tasked the Division with blocking all Chinese and North Korean assets subject to U.S. jurisdiction. The Division also administered regulations and orders issued under the amended Trading with the Enemy Act.<ref name="FAQ" /> On October 15, 1962, by a Treasury Department order, the Division of Foreign Assets Control became the Office of Foreign Assets Control.<ref name="Records" />
+The Division of Foreign Assets Control, OFAC's immediate predecessor, was established in the Office of International Finance by a Treasury Department order in December 1950, following the entry of the [[People's Republic of China]] into the Korean War;<ref name=":0" /> President Harry S. Truman declared a [[national emergency]] and tasked the Division with blocking all Chinese and North Korean assets subject to U.S. jurisdiction. The Division also administered regulations and orders issued under the amended Trading with the Enemy Act.<ref name="FAQ" /> On October 15, 1962, by a Treasury Department order, the Division of Foreign Assets Control became the Office of Foreign Assets Control.<ref name="Records" />
 ==Authority and activities==