What is OFAC?
The Office of Foreign Assets Control (OFAC) of the US Department of the Treasury administers and enforces economic and trade sanctions based on US foreign policy and national security goals against targeted foreign countries and regimes, terrorists, and other entities. OFAC acts under Presidential national emergency powers, as well as authority granted by specific legislation, to impose controls on transactions and freeze assets under US jurisdiction.
This has great importance on international remittances in US Dollars coming to or going out of country, as any remittances having names of countries/entities appearing in such sanctions are likely to be blocked. For our Exporters, Importers and others having remittances should ensure that they are not dealing with countries/ entities appearing sanction list to avoid future embarrassment and likely loss on account of blocking of such transactions.
you may go through the following pages for latest sanction list as appearing on US treasury website at following address:
https://www.treasury.gov/resource-center/sanctions/Programs/Pages/Programs.aspx
https://www.treasury.gov/resource-center/sanctions/Pages/default.aspx
European Union is imposing similar sanctions for transactions involving European union countries. Please go through details of such sanctions at following page:
http://eeas.europa.eu/topics/sanctions-policy/8442/consolidated-list-of-sanctions_en