Q:

What is OFAC compliance?

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Quick Answer

Being OFAC compliant ensures that a company does not transact with forbidden countries or groups of individuals such as terrorists and narcotics traffickers. The Office of Foreign Assets Control is responsible for enforcing these standards by blocking assets and providing trade restrictions to accomplish foreign policy and national security goals.

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Full Answer

The United States Department of Treasury website provides information pertaining to OFAC policies and compliance. Information on the embargo or sanctions program can be found in the Sanctions Program and Country Summaries section in the resource center at Treasury.gov. While the office sets specific restrictions with foreign trade, the OFAC also has the authority to grant special permissions to engage in otherwise prohibited transactions if legislation allows.

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