OFAC::
The Office of Foreign Assets Control (OFAC) of the US Department of the Treasury administers and enforces economic and trade sanctions based on US foreign policy and national security goals against targeted foreign countries and regimes, terrorists, international narcotics traffickers, those engaged in activities related to the proliferation of weapons of mass destruction, and other threats to the national security, foreign policy or economy of the United States. OFAC acts under Presidential national emergency powers, as well as authority granted by specific legislation, to impose controls on transactions and freeze assets under US jurisdiction. Many of the sanctions are based on United Nations and other international mandates, are multilateral in scope, and involve close cooperation with allied governments.
While sanctions programs implemented by the Treasury Department’s Office of Foreign Assets Control (OFAC) may be authorized by congressional legislations, most are authorized under executive orders issued pursuant to presidential national emergency powers in response to a declared emergency.
The International Emergency Economic Powers Act (IEEPA), which can be viewed here, grants the President of the United States broad authority to respond to “unusual or extraordinary threat[s]” to the national security, foreign policy, or economy of the United States. Invocation of such authorities are legally premised upon the official declaration of a national emergency by the President
The Office of Foreign Assets Control (OFAC) of the US Department of the Treasury administers and enforces economic and trade sanctions based on US foreign policy and national security goals against targeted foreign countries and regimes, terrorists, international narcotics traffickers, those engaged in activities related to the proliferation of weapons of mass destruction, and other threats to the national security, foreign policy or economy of the United States. OFAC acts under Presidential national emergency powers, as well as authority granted by specific legislation, to impose controls on transactions and freeze assets under US jurisdiction. Many of the sanctions are based on United Nations and other international mandates, are multilateral in scope, and involve close cooperation with allied governments.
While sanctions programs implemented by the Treasury Department’s Office of Foreign Assets Control (OFAC) may be authorized by congressional legislations, most are authorized under executive orders issued pursuant to presidential national emergency powers in response to a declared emergency.
The International Emergency Economic Powers Act (IEEPA), which can be viewed here, grants the President of the United States broad authority to respond to “unusual or extraordinary threat[s]” to the national security, foreign policy, or economy of the United States. Invocation of such authorities are legally premised upon the official declaration of a national emergency by the President
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