Agency of the United States Department of the Treasury
Office of Foreign Assets Control
Agency overview
Formed
December 1950
Preceding
Office of Foreign Funds Control
Headquarters
Washington, D.C.
Employees
Approximately 200 (2013)[1]
Annual budget
$30.9 million (2013)
Agency executive
Andrea Gacki, Director[2]
Parent department
Department of the Treasury
Website
ofac.treasury.gov
The Office of Foreign Assets Control (OFAC) is a financial intelligence and enforcement agency of the U.S. Treasury Department. It administers and enforces economic and trade sanctions in support of U.S. national security and foreign policy objectives.[3] Under presidential national emergency powers, OFAC carries out its activities against foreign states as well as a variety of other organizations and individuals, like terrorist groups, deemed to be a threat to U.S. national security.[4]
As a component of the U.S. Treasury Department, OFAC operates under the Office of Terrorism and Financial Intelligence and 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).[5]
Sometimes described as one of the "most powerful yet unknown" government agencies,[5][6] OFAC was founded in 1950 and 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 United States. In 2014, OFAC reached a record $963 million settlement with the French bank BNP Paribas, which was a portion of an $8.9 billion penalty imposed in relation to the case as a whole.[7][8]
^Klimasinska, Kasia, Dakin Campbell and Ian Katz. Banks Woo Treasury Sanctions Pros to Navigate Complex U.S. Rules, Bloomberg, August 13, 2014.
^Department of Treasury, "Treasury Announces Additions to Senior Leadership Team in Office of Terrorism and Financial Intelligence", Department of the Treasury, September 10, 2018. First public mention: September 14, 2018. Retrieved 10-10-2018.
^Tom C.W. Lin (April 2016). "Financial Weapons of War" (PDF). Minnesota Law Review. 100 (4): 1377–1440.
^Zarate, Juan C. (2013). Treasury's War. New York: PublicAffairs. ISBN 9781610391153.
^ abYukhananov, Anna, and Warren Strobel, "After Success on Iran, U.S. Treasury's Sanctions Team Faces New Challenges", Reuters, April 14, 2014.
^Rubenfeld, Samuel. "OFAC Rises as Sanctions Become A Major Policy Tool", Wall Street Journal, February 5, 2014
^"U.S. imposes record fine on BNP in sanctions warning to banks". Reuters. June 30, 2014.
^"Treasury Reaches Largest Ever Sanctions-Related Settlement with BNP Paribas SA for $963 Million", U.S. Department of the Treasury, June 30, 2014
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