Office of Foreign Assets Control (OFAC)
US agency enforcing economic sanctions against specific entities or nations.
Detailed Description
Office of Foreign Assets Control (OFAC)
What is the main purpose of OFAC?
The main purpose of OFAC is to implement and enforce economic sanctions against foreign adversaries and to prevent the financing of terrorism and other illicit activities.
Which laws empower OFAC's regulatory authority?
OFAC derives its authority from federal laws such as the Trading with the Enemy Act and the International Emergency Economic Powers Act.
What are some key compliance requirements for entities under OFAC regulations?
Entities must implement compliance programs, conduct due diligence, screen against the SDN list, and maintain records of compliance efforts.
How can OFAC regulations impact real estate transactions?
OFAC regulations can impact real estate transactions by requiring professionals to screen clients and transactions to avoid engaging with sanctioned individuals or entities.
Are there exceptions to OFAC sanctions?
Yes, certain transactions may be permitted under specific licenses issued by OFAC, and humanitarian efforts may also be exempt under specific circumstances.