The Division Of Foreign Assets Control - 773 Words

â€Å"The Division of Foreign Assets Control was established in the Office of International Finance by a Treasury Department order in 1950, after People s Republic of China entered the Korean War. On October 15, 1962, through a Treasury Department order, the Division of Foreign Assets Control became the Office of Foreign Assets Control (OFAC). † The U.S. Department of the Treasury started administering the US economic sanctions against foreign states with the War against Britain in 1812, where Secretary Albert Gallatin imposed sanctions against Great Britain in retaliation for to the harassment of American sailors. After that there was OFAC played a key role in enforcing sanction against Cuba after the Cuban revolution; Iraq for the Kuwait invasion and recently against Russia in Ukrainian invasion. (Wikipedia) The Office of Foreign Assets Control (OFAC) is an arm of the U.S. Treasury Department that creates updates and circulates a list of nations, persons and organizations, which are considered as national security threats for the United States. What issues are OFAC expected tackle? OFAC was created to tackle and deter threats such as money laundering, terror financing, American monetary assistance from rouge states and sanctioned organizations. Why is OFAC important? OFAC plays a key role in aiding BSA/AML compliance against terrorist financing and anti-national financial activities by setting up sanction or watch list of people, organisations and nations with whom noShow MoreRelatedEssay on Wal-Mart Analysis1677 Words   |  7 Pagesdepartment store industry. Through its stores, Supercenters and Sam’s Club warehouse stores, the company operates 2,823 units in the United States, 606 units in six foreign countries, and has 7 joint ventures in the Pacific Rim. 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