What is the primary function of the Office of Foreign Assets Control (OFAC)?

The primary function of the Office of Foreign Assets Control (OFAC) is to enforce economic and trade sanctions against foreign countries and regimes that pose a threat to the national security, foreign policy, or economy of the United States. OFAC is responsible for administering and enforcing various sanctions programs, which can include asset freezes, trade restrictions, and prohibitions on certain types of transactions. These sanctions are often imposed in response to issues such as terrorism, narcotics trafficking, or violations of international norms.

The focus of OFAC's activities is on ensuring compliance with these sanctions to prevent financial transactions that could benefit sanctioned entities or individuals. This is crucial for maintaining national and international security and upholding U.S. foreign policy objectives.

In contrast, promoting international trade, providing loans to foreign businesses, or advising on currency exchange rates do not align with OFAC’s mandate. These activities fall outside the scope of its responsibilities, which are heavily centered on oversight and enforcement of sanctions rather than encouraging trade or financial assistance on a global scale.