The Office of Foreign Assets Control (OFAC) is responsible for:

Question

Options

• AEnsuring an effective export control and treaty compliance system
• BAdministering and enforcing economic and trade sanctions
• CDesignating jurisdictions as primary money laundering concerns
• DManaging trade agreements between the US and foreign countries

• A
  5% (1)
• B
  84% (16)
• C
  11% (2)

Explanation

The Office of Foreign Assets Control (OFAC), part of the U.S. Department of the Treasury, is responsible for theadministration and enforcement of economic and trade sanctions. These sanctions are based on U.S. foreign policy and national security objectives and target: Foreign countries and regimes Terrorist organizations Narcotics traffickers Individuals and entities engaged in activities related to the proliferation of weapons of mass OFAC acts under various authorities, including national emergency powers granted by the President and specific legislation. One of its primary tools is theSpecially Designated Nationals(SDN) List, which identifies individuals and entities whose assets are blocked and with whom U.S. persons are generally prohibited from dealing. It is important to note that OFAC is not responsible for designating jurisdictions as primary money laundering concerns (a task handled by FinCEN under Section 311 of the USA PATRIOT Act), nor does it manage trade agreements.

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