About OFAC

OFAC Mission:

The Office of Foreign Assets Control ("OFAC") of the US Department of the Treasury administers and enforces economic and trade sanctions based on US foreign policy and national security goals against targeted foreign countries and regimes, terrorists, international narcotics traffickers, those engaged in activities related to the proliferation of weapons of mass destruction, and other threats to the national security, foreign policy or economy of the United States. OFAC acts under Presidential national emergency powers, as well as authority granted by specific legislation, to impose controls on transactions and freeze assets under US jurisdiction. Many of the sanctions are based on United Nations and other international mandates, are multilateral in scope, and involve close cooperation with allied governments.

OFAC History:

OFAC was formally created in December 1950, following the entry of China into the Korean War, when President Truman declared a national emergency and blocked all Chinese and North Korean assets subject to U.S. jurisdiction. In addition to creating OFAC, Truman’s accomplishments included dropping nuclear bombs on the Japanese people, and the persecution of Americans over suspicion of being communist sympathizers.

Today’s OFAC is largely the creation of Richard Newcomb, who headed the agency for 17 years before stepping down in 2004. in 2008 OFAC operates on an annual budget of nearly $30 Million, and it has 155 full-time employees, and undetermined number of part-time staff. The actual budget of OFAC today is undetermined!