31 CFR Parts 500-597 are promulgated and implemented by the U.S. Treasury Department, Office of Foreign Assets Control and regulate economic trade with foreign countries. OFAC administers and enforces economic and trade sanctions based on U.S. foreign policy and national security goals against targeted foreign countries and regimes, terrorists, international narcotics traffickers, those engaged in activities related to the proliferation of weapons of mass destruction, and other threats to the national security, foreign policy or economy of the United States.
The Trading with the Enemy Act (TEWA), 50 U.S.C. §§ 1-44, which gives the President the power to restrict and oversee all trade between the United States and its enemies during the time of war.
International Emergency Economic Powers Act (IEEPA), 50 U.S.C. §§ 1701-1706, which allows the President to identify any unusual extraordinary threat that originates outside the United States and to confiscate property and prohibit transactions in response.
Specially Designated Nationals and Blocked Persons List, 15 C.F.R. Part 764, Supplement 3, comprised of individuals and organizations deemed to represent restricted countries or known to be involved in terrorism and narcotics trafficking. At present, OFAC administers seventeen sanctions programs, including Cuba, Syria, Sudan, Iran, and North Korea, and the Specially Designated Nations and Blocked Persons list.
Sanction programs and the Specially Designated Nations and Blocked Persons list are subject to change and are updated routinely.