Office of Foreign Assets ControlGovernment

The Office of Foreign Assets Control (OFAC) is a financial intelligence and enforcement agency within the United States Department of the Treasury. Its mandate is to administer and enforce economic and trade sanctions based on U.S. foreign policy and national security goals against targeted foreign countries, regimes, terrorists, and other illicit actors. It traces its origin to the World War II Foreign Funds Control established in 1940, and was formally created in December 1950 after China's entry into the Korean War prompted a freeze on Chinese and North Korean assets.