After a three-year hiatus, the highly anticipated OFAC Symposium provided a wealth of information to financial institutions, attorneys, government officials and other attendees in a closed-to-the-press event.
The Office of Foreign Assets Control (OFAC) hosts an annual symposium to provide updates on compliance requirements, sanctions activity, and enforcement efforts. This year’s event highlighted current geopolitical challenges and OFAC’s “maximum pressure strategy” to address these tensions, in addition to discussing the Framework of OFAC Compliance Commitments released earlier this year. OFAC restated its crucial role in furthering U.S. foreign policy and national security goals to secure the global financial system and protect the United States from the threats of terrorism, human and drug trafficking, and economic damages.