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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, terrorists,
international narcotics traffickers, and those engaged in activities related to
the proliferation of weapons of mass destruction.
OFAC acts under Presidential
wartime and national emergency powers, as well as authority granted by specific
legislation, to impose controls on transactions and freeze foreign 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.
Source: U.S. Treasury Department Website |
