CAMS - Chapter 2 - Part 6 - Egmont Group, OFAC, The Wolfsberg Group, OAS CICAD | 100% Correct Answers

Document Content and Description Below

What is OFAC? - ✔✔Office of Foreign Assets Control - Division of the U.S. Department of Treasury What does OFAC do? - ✔✔OFAC administers and enforces economic and trade sanctions based on U... .S. foreign policy and national security goals against targeted foreign countries, terrorists, international narcotics traffickers and those engaged in activities related to the proliferation of weapons of mass destruction. Under what powers does OFAC act under? - ✔✔OFAC acts under presidential wartime and national emergency powers, as well as authority granted by specific legislation, to impose controls on transactions and to freeze foreign assets under U.S. jurisdiction. OFAC sanctions are based on what? - ✔✔Many of the sanctions are based on United Nations and other international mandates that are multilateral in scope and involve close cooperation with allied governments. What do OFAC sanction programs prohibit? - ✔✔OFAC sanction programs prohibit transactions and require the blocking of assets of person and organizations that appear on one of a series of lists that OFAC issues periodically. What power does OFAC have? [Show More]

Last updated: 1 year ago

Preview 1 out of 6 pages