= Office of Foreign Asset Control = The '''Office of Foreign Asset Control''' ('''OFAC''') is a [[UnitedStates/DepartmentOfTheTreasury|Treasury]] agency. <> ---- == Composition == The office is overseen by the [[UnitedStates/OfficeOfTerrorismAndFinancialIntelligence|TFI]]. The office is led by a '''director'''. ---- == History == '''Foreign Funds Control''' was established by [[UnitedStates/FranklinDelanoRoosevelt]] in 1940. The agency was abolished in 1947, with activities briefly assumed by the '''Office of International Finance''' ('''OIF'''), before being transferred to the [[UnitedStates/DepartmentOfJustice|DOJ]] and the [[UnitedStates/OfficeOfAlienProperty|OAP]]. A division of Foreign Assets Control was re-established in the OIF in 1950. [[UnitedStates/HarrySTruman|Truman]] ordered sanctions against [[China]] and [[NorthKorea|North Korea]], to the effect of freezing assets, as a response to the [[WorldHistory/KoreanWar|Korean War]]. In 1962, the division was reformed into the '''Office of Foreign Asset Control''' ('''OFAC'''). The office has broad and discretionary powers per a series of laws: especially the '''International Emergency Economic Powers Act''' of 1977 and the [[UnitedStates/InformationLaw/PatriotAct|Patriot Act]]. In particular, presence on the '''Specially Designated Nationals and Blocked Persons List''' ('''SDN list''') has far-reaching conseqeunces for an individual's or firm's ability to do business. It also manages sanctions lists for specific states and regions; for example, the '''Sectoral Sanctions Identifications''' ('''SSI''') relates to sanctions for the [[Russia|Russian]] invasion of [[Ukraine]]. ---- CategoryRicottone