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Former director of the US Office of Foreign Assets Control, John Smith, discusses the challenges faced by OFAC in implementing economic sanctions. They explore the rise of sanctions post-9/11, Congressional funding issues, and the effectiveness of sanctions in achieving foreign policy goals.
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Quick takeaways
- OFAC operates with limited funding despite managing trillions in sanctions, impacting global security.
- Economic sanctions leverage US financial power to pressure entities, offering a diplomatic alternative with varied effectiveness.
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The Power of OFAC: The Office of Foreign Assets Control
The podcast discusses the significant influence and power held by the Office of Foreign Assets Control (OFAC), also known as the sanctions office. OFAC, a small agency with around 300 employees, manages and enforces economic sanctions that impact trillions of dollars of global transactions. It controls various sanctions programs targeting countries like Russia, Ukraine, Iran, Syria, North Korea, and Cuba. Despite its crucial role, OFAC operates on a tight budget and lacks adequate resources to fully enforce sanctions. The podcast highlights the potential consequences of this underfunding on national and global security.
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