Office of Foreign Assets Control

The Office of Foreign Assets Control (OFAC), a division of the US Treasury Department, administers and enforces economic and trade sanctions based on US foreign policy and national security goals. OFAC targets foreign countries, regimes, terrorists, international narcotics traffickers, those engaged in activities related to the proliferation of weapons of mass destruction, and other threats to US national security. OFAC is newsworthy due to its recent actions involving Venezuela and Iran. Recent events include the US lifting sanctions on Venezuela's acting President Rodriguez, approving the sale of Iranian oil at sea to ease crude supply issues, and US forces boarding Venezuela-linked oil tankers. OFAC also announced actions against shadow banking networks allegedly used by Iranian elites to move money out of the country amid sanctions. These actions highlight OFAC's role in using sanctions as a tool to influence foreign policy, address global crises, and combat illicit financial activities.