what is the office of foreign assets control ofac 
the office of foreign assets control ofac is a department of the u s treasury that is charged with enforcing economic and trade sanctions imposed by the u s against countries and groups of individuals 1sanctions have been imposed on those involved in foreign aggression terrorist activities and narcotics sales among other acts the ofac was created in 1950 when china entered the korean war president harry truman declared the event a national emergency and froze all chinese and korean assets that were subject to u s jurisdiction ofac s predecessor was the office of foreign funds control ffc established in 1940 in response to the nazi invasion of norway 2