What does OFAC stand for?

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Multiple Choice

What does OFAC stand for?

OFAC stands for Office of Foreign Assets Control, a bureau within the U.S. Department of the Treasury. It administers and enforces economic and trade sanctions, maintains the sanctions lists, and provides guidance to financial institutions so they can screen and block prohibited transactions. This role supports U.S. foreign policy and national security by controlling access to the U.S. financial system for designated individuals, entities, and regimes. Other options misstate the agency or department, so they don’t reflect the actual name or placement of OFAC.

OFAC stands for Office of Foreign Assets Control, a bureau within the U.S. Department of the Treasury. It administers and enforces economic and trade sanctions, maintains the sanctions lists, and provides guidance to financial institutions so they can screen and block prohibited transactions. This role supports U.S. foreign policy and national security by controlling access to the U.S. financial system for designated individuals, entities, and regimes. Other options misstate the agency or department, so they don’t reflect the actual name or placement of OFAC.

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