Contract definitions library

OFAC definition: Copy, customize, and use instantly

Introduction

The term "OFAC" refers to the Office of Foreign Assets Control, a division of the U.S. Department of the Treasury. It is responsible for administering and enforcing economic and trade sanctions against targeted foreign countries and regimes, terrorists, international narcotics traffickers, those involved in activities related to the proliferation of weapons of mass destruction, and other threats to national security, foreign policy, or economy of the United States.

Below are various examples of how "OFAC" can be defined in different contexts. Copy the one that fits your needs, customize it, and use it in your contract.

Definition of "OFAC" as a sanctions authority

This definition ties "OFAC" to its role as a sanctions enforcement authority.

"OFAC" refers to the Office of Foreign Assets Control, an agency of the U.S. Department of the Treasury that administers and enforces sanctions programs aimed at protecting U.S. national security and foreign policy interests.

Definition of "OFAC" as an economic sanctions body

This definition connects "OFAC" to its function as an economic sanctions regulator.

"OFAC" means the U.S. government office responsible for enforcing trade and economic sanctions, including asset freezes and other measures, against individuals, entities, and countries that pose a threat to U.S. interests.

Definition of "OFAC" as a regulatory agency for foreign assets

This definition applies "OFAC" to its regulatory role regarding foreign assets.

"OFAC" refers to the U.S. Treasury Department's Office of Foreign Assets Control, which implements policies that regulate and monitor foreign assets in accordance with U.S. law.

Definition of "OFAC" as a sanctions compliance authority

This definition links "OFAC" to its authority in sanctions compliance.

"OFAC" refers to the agency responsible for ensuring that U.S. businesses and individuals comply with U.S. sanctions programs, particularly those targeting countries and organizations of national security concern.

Definition of "OFAC" as an enforcer of U.S. sanctions

This definition ties "OFAC" to its enforcement of U.S. sanctions.

"OFAC" means the division of the U.S. Treasury that is responsible for the enforcement and monitoring of U.S. sanctions against foreign countries and international entities that threaten U.S. interests.

Definition of "OFAC" as a counter-terrorism financial regulator

This definition applies "OFAC" to its role in counter-terrorism financing regulation.

"OFAC" refers to the U.S. agency tasked with identifying and imposing restrictions on individuals and entities that support terrorism or engage in activities that endanger U.S. national security.

Definition of "OFAC" as a foreign assets compliance entity

This definition connects "OFAC" to its compliance role regarding foreign assets.

"OFAC" refers to the Office of Foreign Assets Control, which is responsible for ensuring compliance with U.S. foreign asset control laws, specifically those that freeze assets related to hostile governments or entities.

Definition of "OFAC" as an international sanctions enforcement body

This definition applies "OFAC" to its international sanctions enforcement role.

"OFAC" refers to the U.S. agency that administers and enforces economic sanctions against international entities, including governments and terrorist organizations, to protect U.S. security.

Definition of "OFAC" as a financial sanctions administrator

This definition ties "OFAC" to its function as a financial sanctions administrator.

"OFAC" means the U.S. agency responsible for overseeing the administration and enforcement of financial sanctions aimed at preventing financial transactions that support unlawful or illegal activities.

Definition of "OFAC" as a regulatory body for asset restrictions

This definition links "OFAC" to its role in asset restrictions.

"OFAC" refers to the U.S. Treasury Department's office responsible for imposing asset restrictions and economic sanctions on individuals and countries that threaten U.S. interests.

Definition of "OFAC" as a financial crime regulator

This definition connects "OFAC" to its role in regulating financial crimes.

"OFAC" refers to the U.S. government agency responsible for imposing economic sanctions to prevent financial crimes, including money laundering, terrorism financing, and sanctions evasion.

Definition of "OFAC" as a governmental sanctions program administrator

This definition applies "OFAC" to its role in administering U.S. sanctions programs.

"OFAC" refers to the agency that administers and oversees U.S. sanctions programs targeting foreign individuals, entities, and countries that pose a risk to national security.

Definition of "OFAC" as an anti-money laundering enforcement agency

This definition ties "OFAC" to its role in enforcing anti-money laundering policies.

"OFAC" refers to the U.S. Treasury Department office responsible for enforcing economic sanctions that aid in preventing money laundering and illicit financial activities.

Definition of "OFAC" as a key player in U.S. sanctions policy

This definition connects "OFAC" to its important role in U.S. sanctions policy.

"OFAC" refers to the division of the U.S. Department of the Treasury that plays a crucial role in the development and enforcement of U.S. foreign sanctions policies.