OFAC
OFAC stands for Office of Foreign Assets Control, which is a department of the United States Treasury responsible for enforcing economic and trade sanctions against targeted foreign countries, individuals, groups, and entities. OFAC administers and enforces economic and trade sanctions based on US foreign policy and national security goals. OFAC maintains a list of Specially Designated Nationals (SDNs) and Blocked Persons, which includes individuals, companies, and organizations that are prohibited from doing business with US entities. OFAC also issues licenses for certain transactions that would otherwise be prohibited under the sanctions. Compliance with OFAC regulations is mandatory for all US individuals and entities, including those operating in the maritime industry.
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