Which key aspect of the Office of Foreign Assets Control's extraterritorial reach specifically relates to prohibited transactions?

Question

Options

• AProhibit or reject unlicensed trade and financial transactions with specified countries, entities, and
• BProhibit or reject licensed trade and financial transactions with specified countries, entities and
• CProhibit or reject licensed trade and financial transactions with specified countries, entities and
• DProhibit or reject unlicensed foreign trade and financial transactions with specified countries,

• A
  78% (31)
• B
  8% (3)
• C
  3% (1)
• D
  13% (5)

Explanation

the Office of Foreign Assets Control (OFAC) has the authority to prohibit or reject any trade or financial transactions involving specified countries, entities, and individuals that are subject to U.S. economic sanctions, unless such transactions are authorized by a general or specific license issued by OFAC. This applies to transactions that occur within the U.S. territory, as well as transactions that involve U.S. persons, U.S. goods, or the U.S. financial system, regardless of where they take place. This is one of the key aspects of OFAC's extraterritorial reach, which means that OFAC can enforce its sanctions programs beyond the U.S. borders.

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