OFAC, Its 5 Essential Components, and Exemptions
OFAC, What is it? OFAC (The Office of Foreign Assets Control) is a department in the U.S. Treasury. It is a supervisory authority that administers and enforces economic trade sanctions against states, organizations, and individuals. It was created in 1950 when China entered the Korean War. Furthermore, it has replaced the earlier existing Office of Foreign Funds Control, which was established in 1940 as a response to Norway’s invasion by the ...
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