OFAC meaning in Governmental ?

Answer:

What is Office of Foreign Assets Control mean?

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.

As a component of the U.S. Treasury Department, OFAC operates under the Office of Terrorism and Financial Intelligence and is primarily composed of intelligence targeters and lawyers. While many of OFAC's targets are broadly set by the White House, most individual cases are developed as a result of investigations by OFAC's Office of Global Targeting (OGT).

Sometimes described as one of the "most powerful yet unknown" government agencies, OFAC was founded in 1950 and has the power to levy significant penalties against entities that defy its directives, including imposing fines, freezing assets, and barring parties from operating in the United States. In 2014, OFAC reached a record $963 million settlement with the French bank BNP Paribas, which was a portion of an $8.9 billion penalty imposed in relation to the case as a whole.

reference

Full Form	Category
Ohio Financial Accountability Certification	Business
Ontario Farm Animal Council	Business
Oregon Freight Advisory Committee	Business
Office of Financial Accounting Controls	Business
Official Financial Asset Check	Business
Olmsted Falls Airport Committee	Community
Organic Fertilizer Association of California	Community
Office of Foreign Asset Control	General
Office Foreign Asset Control	General
Office of Foreign Assest Control	General
Office for Foreign Assets Control	General
Office of Foreign Asses Control	General
Office of Foreign Assets Control	Governmental
Office of Financial Accounting Control	Governmental