In the context of US export controls, the abbreviation OFAC stands for US Office of Foreign Assets Control. The OFAC is a US government body that forms part of the US Department of the Treasury. The US Office of Foreign Assets Control administers and enforces economic and trade sanctions based on US foreign policy and national security goals. Restrictive measures issued by the OFAC target foreign countries and regimes, terrorists, international narcotics traffickers, those engaged in activities related to the proliferation of weapons of mass destruction, and any other threats to the national security, foreign policy, or economy of the US.
The Office of Foreign Assets Control administers different sanctions programs. OFAC sanctions can be either comprehensive or selective, using the blocking of assets, indirect or direct bans on provisions, as well as other and trade restrictions to accomplish foreign policy and national security goals. It is to note that the OFAC does not maintain a specific list of countries that US persons cannot do business with because the different US sanctions programs vary in scope. Some are broad-based and oriented geographically and others are targeted (i.e. counter-terrorism, counter-narcotics) and focus on specific individuals and entities.
OFAC sanctions programs may encompass broad prohibitions at the country level as well as targeted financial sanctions against individuals. OFAC sanctions lists include the Specially Designated Nationals List and the Consolidated non-SDN Sanctions List.