---
title: "Office of Foreign Assets Control — Definition & Meaning"
description: "The Office of Foreign Assets Control enforces U.S. economic sanctions against foreign states and individuals, crucial for national security and policy."
url: "https://modeldiplomat.com/learn/glossary/office-of-foreign-assets-control"
---

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Model Diplomat Research Team · Last reviewed June 22, 2026

TL;DR

- The Office of Foreign Assets Control is a U.
- S.
- What statutory authority underpins most modern OFAC sanctions?
- What is the SDN List?
- How do secondary sanctions differ from primary sanctions?

[Civil Service & Diplomatic Exams](https://modeldiplomat.com/learn/civil-services/glossary)Updated June 22, 2026

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In 2014 OFAC, acting under IEEPA, levied a record settlement of approximately $8.9 billion on France's BNP Paribas for processing transactions involving Sudan, Iran, and Cuba through the U.S. financial system.

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