Office of Foreign Assets Control

Office of Foreign Assets Control - OFAC -
Supervisory authority	Ministry of Finance
founding	1950
Headquarters	Washington, DC
Authority management	Andrea M. Gacki, Director
Servants	170 (2018)
Web presence	treas.gov/offices/enforcement/ofac

The Office of Foreign Assets Control (OFAC, German "Office for the control of foreign assets ") is the control authority of the Treasury Department of the United States . OFAC researches targets for possible sanctions on behalf of the Treasury Department , implements them and in doing so cuts the targets of sanctions from the US financial system and limits their opportunities to participate in international banking.

founding

The agency was established in 1950 after China intervened in the Korean War and US President Truman froze all Chinese assets in the US . OFAC is responsible for monitoring trade and economic sanctions that the USA has imposed on states, organizations and individuals for reasons of foreign policy and national security interests.

There are numerous predecessor organizations; the oldest separate authority that preceded OFAC was the Division of Foreign Assets Control in the division of the United States Treasury Department (1940).

staff

The Office of Foreign Assets Control is located on the corner of Pennsylvania Avenue and Madison Place in Washington, DC

The director was John E. Smith from February 2015 to the beginning of May 2018, his position was initially taken on temporarily by the deputy director Andrea M. Gacki. In September 2018, Gacki was permanently transferred to the management.

OFAC had around 170 employees in May 2018.

activities

OFAC carried out more than 600 examinations in 2016. A stock of sanctions against around 5,800 people and organizations were monitored by OFAC in 2017.

See also

• Specially Designated Nationals and Blocked Persons
• Money laundering
• Hawala
• US sanctions against Iran
• United States embargoed Cuba

Web links

• Office of Foreign Assets Control
• List of sanctions programs including nations

Individual evidence

1. ^ ^{A b} John Smith, Lecture: "Testimony of John E. Smith Director of the Office of Foreign Assets Control US Department of the Treasury House Committee on Financial Services Subcommittee on Monetary Policy and Trade Thursday, November 30, 2017" treasury.gov dated November 30, 2017
2. ^ "Director John Smith Departing the Office of Foreign Assets Control" treasury.gov of April 12, 2018
3. ^ "Treasury Announces Additions to Senior Leadership Team in Office of Terrorism and Financial Intelligence" home.treasury.gov of September 17, 2019
4. ↑ "Behind these four letters are Trump's sanctions warriors" Welt.de of May 15, 2018