Which regulatory body enforces economic and trade sanctions?

The Office of Foreign Assets Control (OFAC) is the regulatory body responsible for enforcing economic and trade sanctions in the United States. OFAC operates under the U.S. Department of the Treasury and administers and enforces sanctions against targeted foreign countries and regimes, terrorists, international narcotics traffickers, and other threats to U.S. national security, foreign policy, or economy.

Sanctions can include various measures such as asset freezes, trade restrictions, and prohibitions on certain financial transactions. OFAC's regulations are designed to promote U.S. foreign policy goals and national security interests by restricting financial dealings with entities and individuals that pose a threat.

Understanding OFAC's role is crucial for businesses and financial institutions that need to comply with U.S. sanctions laws, as they must be vigilant in avoiding transactions that could involve sanctioned parties or countries. This makes OFAC the central authority for implementing and enforcing sanctions, distinguishing it from other governmental bodies that focus on different aspects of regulation and enforcement.