OFAC is a common acronym in business and banking, but what does OFAC stand for? The acronym OFAC stands for “Office of Foreign Assets Control”. The OFAC is an important part of the U.S. Department of the Treasury and holds the crucial task of administering and enforcing economic and tra...
While billed as an “Advisory,” the agency’s release stands as a warning to the financial services and international trade sectors of their obligation to implement adequate controls to guard against such evasive practices and ensure compliance with their obligations under the Crimean sanctions. ...