OFAC is an abbreviation for the Office of Foreign Assets & Counter-Terrorism Control. This branch of the Treasury Department administers sanctions on foreign countries.
Sanctions are imposed on countries and organizations engaging in illegal actions such as drug trafficking and terrorism. During the Korean conflict, OFAC was originally established in 1950.
After China joined the war, President Harry S. Truman ordered the freezing of Chinese and Korean assets. As part of the United States foreign policy and national security strategy, sanctions are applied by the United Nations’ sanctions mandates.
Also See: Non Schengen Countries 2022
An illustration of what OFAC may accomplish is seen below. OFAC would impose penalties by restricting commerce and other assets if a nation attacked another. This is done to promote negotiations or other measures that might end the dispute in the future.
Strict sanctions are in place against various countries: the Balkans, Belarus, Burma, Cuba, the Democratic Republic of the Congo, Iran, Iraq, Liberia, North Korea, Sudan, Syria, and Zimbabwe.
The most up-to-date version of this list may always be found on the official website of the United States Treasury.