What is the primary purpose of OFAC?

The primary purpose of the Office of Foreign Assets Control (OFAC) is to enforce economic and trade sanctions imposed by the U.S. government. OFAC administers and enforces sanctions to promote national security and foreign policy objectives, targeting threats such as terrorism, narcotics trafficking, or the proliferation of weapons of mass destruction. By restricting financial transactions and trade with specified countries, entities, and individuals, OFAC helps to limit the financial resources available to those that pose a risk to the U.S. or its allies. This enforcement is crucial for maintaining the effectiveness of U.S. foreign policy and protecting national interests.

The other options pertain to functions that do not align with OFAC's main responsibilities. Regulating insurance practices, facilitating financial transactions, and monitoring financial institutions relate to areas managed by different regulatory bodies and do not reflect the specific mission of OFAC regarding sanctions and economic enforcement.