Office of Foreign Assets Control (OFAC) Glossary Definition

The Office of Foreign Assets Control (OFAC) is a financial intelligence and enforcement agency of the U.S. Treasury Department. It administers and enforces economic and trade sanctions in support of U.S. national security and foreign policy objectives. Under Presidential national emergency powers, OFAC carries out its activities against foreign states as well as a variety of other organizations and individuals, like terrorist groups, deemed to be a threat to U.S. national security.

See also: OFAC.

In security and compliance work, this term helps teams describe controls, risks, identity practices, standards, audits, or protective technologies. It is relevant when managing access, reducing exposure, documenting safeguards, or demonstrating accountability.