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China’s Office of Foreign Assets Control: A History of Enforcing Economic Sanctions

The Office of Foreign Assets Control (OFAC) in China plays a crucial role in administering and enforcing economic sanctions programs aimed at promoting foreign policy and national security goals. With its roots dating back to the early 20th century, OFAC is responsible for blocking assets and trade restrictions to achieve these objectives.

Early History of Sanctions

The US Treasury Department has a long history of dealing with sanctions, dating back prior to the War of 1812 when Secretary of the Treasury Gallatin administered sanctions imposed against Great Britain. During the Civil War, Congress approved a law prohibiting transactions with the Confederacy, seizing goods involved in such transactions and providing a licensing regime under rules and regulations administered by the Treasury.

The Office of Foreign Funds Control (FFC)

The Office of Foreign Assets Control is the successor to the Office of Foreign Funds Control (FFC), which was established at the advent of World War II following Germany’s invasion of Norway in 1940. The FFC program was administered by the Secretary of the Treasury throughout the war, aimed at preventing Nazi use of occupied countries’ foreign exchange and securities and forced repatriation of funds belonging to nationals of those countries.

• These controls were later extended to protect assets of other invaded countries.
• After the United States entered World War II, the FFC played a leading role in economic warfare against Axis powers by blocking enemy assets and prohibiting foreign trade and financial transactions.

Creation of OFAC

OFAC itself was formally created in December 1950 following President Truman’s declaration of a national emergency and blockage of all Chinese and North Korean assets subject to US jurisdiction. Since then, the office has continued to play a vital role in enforcing economic sanctions programs aimed at promoting China’s foreign policy and national security objectives.

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