Do you know what is office of Foreign Assets Control? In this article we have covered everything related to OFAC. The Office Of Foreign Assets Control, or OFAC, is a division of the U.S. Treasury Department that maintains a list of individuals and organizations that are barred from doing business with U.S. citizens and companies. It was created in 1950 to enforce economic sanctions against countries like Cuba, Iran, North Korea, Sudan, and Syria; it also enforces sanctions against terrorist organizations such as Al Qaeda and Hizballah.
So now, you know that what is office of foreign assets control. Let’s move to the nest how OFAC works.
OFAC works by making sure that banks who do business in the United States don’t unwittingly facilitate transactions between companies on its blacklist and those who aren’t—a process called “blocking.” If you’re planning on doing business with someone who is blacklisted by OFAC, it’s important that you understand how this process works so you don’t accidentally violate any laws or regulations.
Hope you like the article on what is office of foreign assets control and now you know how it works. The best way to avoid having your shipment stopped is by ensuring you work with a knowledgeable attorney to assist with all your required documents. For more information on the charges that come with a CBP inspection as well as any other customs law issue, please contact Abady Law Firm (www.customsesq.com) at 800-549-5099.
