August 16, 2012 Articles

OFAC's Effect on Air Carriers and Insurers in Air Disasters

By Daniel Correll

The Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury administers and enforces economic and trade sanctions based on U.S. 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, the foreign policy, or the economy of the United States. See OFAC Mission Statement. The OFAC acts under presidential national emergency powers, as well as authority granted by specific legislation, to impose controls on transactions and to freeze assets under U.S. jurisdiction. Many of the sanctions are multilateral in scope, based on U.N. and other international mandates, and involve close cooperation with allied governments.

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