Proper noun
OFAC
Initialism of Office of Foreign Assets Control, a financial intelligence and enforcement agency of the U.S. Treasury Department.
FAQ 572 explains that while EO 13662 had previously only been used by OFAC to impose sectoral sanctions (to add persons to the Sectoral Sanctions Identifications List) the EO also authorizes OFAC to designate persons as blocked. Source: Internet
So too did their concerns about OFAC humanitarian reporting requirements, interpretations of which became much more encompassing than had been originally been envisioned by the NGOs, prompting long delays and legal hurdles for in-country operations. Source: Internet
The US government also authorized non-US subsidiaries of US companies to conduct certain business with Iran under General License H issued by OFAC. Source: Internet
The Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury imposed a fine valued at $87.2 USD, for violating regulations of the U.S. blockade on Cuba, the Permanent Mission of the island at the organization said in a press release. Source: Internet
It’s likely that some unfortunate businesses or organizations are going to be victimized in a ransomware attack, pay the ransoms and then find out later whether or not it went to North Korea — and thus consequently have to deal with OFAC. Source: Internet
OFAC has designated numerous malicious cyber actors under sanctions programs. Source: Internet