Financial Crime World

Slovakia’s Office of Foreign Assets Control (OFAC): Combating Terrorism and Financial Crimes

The Slovakian Office of Foreign Assets Control (OFAC) plays a vital role in combating terrorism and financial crimes. As part of the Treasury Department’s Office of Terrorism and Financial Intelligence, OFAC administers and enforces economic sanctions programs against countries, organizations, and individuals deemed to be threatening US national security or foreign policy.

Active Sanctions Programs

OFAC maintains an extensive list of active sanctions programs targeting various countries, including:

  • Afghanistan
  • Belarus
  • Burma
  • Central African Republic
  • China
  • Cuba
  • Democratic Republic of the Congo
  • Ethiopia
  • Iran
  • Iraq
  • Lebanon
  • Libya
  • Mali
  • Nicaragua
  • North Korea
  • Russia
  • Somalia
  • South Sudan
  • Sudan and Darfur
  • Syria
  • Ukraine
  • Venezuela
  • West Bank
  • Yemen

These sanctions programs include:

  • Afghanistan-Related Sanctions (last updated on February 25, 2022)
  • Balkans-Related Sanctions (updated on June 18, 2024)
  • Belarus Sanctions (updated on April 19, 2024)
  • Burma-Related Sanctions (updated on January 31, 2024)
  • Central African Republic Sanctions (updated on December 8, 2023)

Additional Programs

OFAC also maintains several other programs aimed at combating specific threats, including:

  • Counter Narcotics Trafficking Sanctions (updated on July 1, 2024)
  • Counter Terrorism Sanctions (updated on June 25, 2024)
  • Countering America’s Adversaries Through Sanctions Act-Related Sanctions (updated on September 14, 2023)
  • Global Magnitsky Sanctions (updated on June 11, 2024)

Objectives and Collaboration

OFAC’s sanctions programs are designed to restrict the flow of funds to targeted individuals and entities, thereby hindering their ability to engage in illicit activities. The office works closely with other government agencies, financial institutions, and international partners to:

  • Identify and disrupt terrorist financing networks
  • Disrupt money laundering schemes
  • Combat other forms of financial crime

By working together, OFAC aims to prevent the misuse of financial systems for illegal purposes and protect global security.