The Office of Foreign Asset Control (OFAC) is an entity of the U.S Department of the Treasury (Treasury) that is responsible for enforcing and administering economic and trade sanctions based on U.S. foreign policy and national security goals. OFAC works with other U.S. government agencies, foreign governments and international organizations to impose and enforce U.S sanctions programs.

OFAC was created in 1950 due to economic pressure tactics used during World War II, which encouraged competitors to work together for a common goal. OFAC works to protect U.S. citizens and businesses from sanctionable activities, as well as to prevent rogue state and non-state actors from using the global financial system against the U.S.

OFAC's current role is to enforce and administer sanctions programs imposed by the President of the United States, the U.S. Congress and the United Nations. OFAC's programs target state sponsors of terror, proliferate of weapons of mass destruction, human rights violators, corrupt actors and transnational criminal organizations. OFAC has authority over foreign assets, meaning assets located outside the United States, and any activity or transaction involving such assets.

OFAC issues a series of prohibitions and limitations as part of its sanctions programs, including prohibitions on transactions with certain individuals or entities, and authorizes certain activities with regard to foreign assets. Sanctions can include asset freezing, trade embargoes, travel restrictions, financial prohibitions and other limitations.

OFAC enforces these sanctions by using a number of techniques, such as the enforcement of statutory fines and criminal penalties for violation of sanctions programs, the seizures of assets and the installation of blocking, monitoring, and reporting systems to monitor transactions. Additionally, OFAC publishes a list of blocked persons, entities, and vessels subject to economic and trade sanctions, known as the Specially Designated Nationals List.

OFAC is an important tool for the United States to advance its foreign policy interests. Sanctions ideally limit or prevent wrongful behavior or activity by others, such as by deterring human rights abuse, preventing the proliferation of weapons of mass destruction, or countering threats posed by foreign governments. OFAC plays a critical role in protecting the U.S. economy and the safety of its citizens by ensuring compliance with sanctions.