Modernizing Treasury’s Office of Foreign Assets Control

By: Lisa M. Palluconi, Acting Director, Office of Foreign Assets Control, U.S. Department of the TreasuryEconomic and trade sanctions continue to be an important tool to support the United States’ foreign policy goals and to address pressing national security concerns. The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) administers and enforces sanctions, and the private sector acts as a critical partner in ensuring the success of our mission.OFAC is committed to modernizing its infrastructure and approaches to engaging with stakeholders to ensure sanctions are easily understood and enforceable — a key recommendation highlighted in Treasury’s2021 Sanctions Reviewthat OFAC is working to implement.For example, we regularly meet with companies, organizations, and civil society groups impacted by our sanctions to better understand the implementation issues they face and their best practices for sanctions compliance.